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Anyone Else's PayPal 1099 Seem Way Off?

by kage65
1 replies
I just noticed that my 1099 k from Pay Pal seems to be way off. This is not good. The diff between what the 1099 says I made and what my 2011 financial summary report that Pay pal generates comes out to me having to pay quite a bit more in taxes than Im supposed to....
Anyone else seen a big error on their 1099??
#1099 #paypal
  • Profile picture of the author KirkMcD
    Possibly
    The amounts reported to you on the 1099-Ks are the gross amount of the transactions you've made throughout 2011. They do not take into account any returns, allowances, cash-backs, or other adjustments to transactions. Be sure to take these reductions to gross receipts into account on your return so that you don't over-report income.
    How The New IRS Form 1099K Impacts Your Tax Return
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