Info Type
View Option
Sort by Category
Select [Question]
1. | Admission to KCC(637view/3res) | Question | Yesterday 22:06 |
---|---|---|---|
2. | I have a question for Mint Mobile users.(343view/2res) | Question | Yesterday 14:52 |
3. | Conversations with People(422view/4res) | Question | 2024/06/30 23:16 |
4. | Disposal of cassette cylinders(1kview/3res) | Question | 2024/06/12 07:08 |
5. | About Channel-J(11kview/71res) | Question | 2024/06/07 04:27 |
6. | Kyoto Sightseeing(383view/1res) | Question | 2024/06/05 23:16 |
7. | A store that hems trousers.(270view/5res) | Question | 2024/06/05 18:12 |
8. | Euro Exchange Locations(324view/1res) | Question | 2024/06/04 11:09 |
9. | Montessori Community School's College Enrollment R...(6kview/23res) | Question | 2024/06/01 17:03 |
10. | tax return(517view/1res) | Question | 2024/05/25 20:27 |
About the 1099-K form on the Etsy for sale site
- #1
-
- Coral
- 2022/02/01 13:53
I set up my own store on the sales site Etsy in FY2021 and had sales of about $5000.
I had registered my tax information with Etsy to receive a 1099-K if I met the criteria, but when I looked at my account today in February, it said "You are not eligible for a 1099-K this year.
I thought that in the state of Hawaii, you have to have $600 or more to meet the criteria, but I guess I was mistaken.
If a 1099 is not eligible for a 1099, is it sufficient to provide the sales amount and expenses when requesting a tax return from the Accounting Service?
By the way, I have a GE license because I need it for another job and I have already paid my 2021 GETax for Etsy sales.
I have no idea about taxes, so I am asking here because I don't want to be missing any documents that I need to have in order before my tax return.
If anyone has the same condition or knows more about it, I would appreciate it if you could give me some advice.
Thank you in advance.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #2
-
- tax man
- 2022/02/01 (Tue) 15:58
- Report
Please
refer to the following answers to your questions regarding web shopping sites.
Basically, the standard amount for a 1099 - K to take effect is $ 20 , 000 . 00 or more.
Please see the attached IRS explanation below.
The IRS requires each payment settlement entity to send you a Form 1099-K by January 31 if it has processed at least $ 20,000 worth of But you still could receive 1099-Ks from some PSEs even when the form isn't
In addition, $ 600 is the base amount for a 1099 - NEC to take effect.
See below.
If your business paid a contractor more than $ 600 in a tax year, you're required to file Form 1099-NEC.
However, if the independentHowever, if the independent contractor is registered as a C corporation or S corporation, a 1099-NEC will not be required.
If you are a web-based seller, you will need to report your sales and costs, as well as the expnses related to the operation of your site
when you file your taxes. Please use Excel or accounting software to manage your revenues and costs
.
For Etsy, you can log in to the site and download
a summary of your sales.
1099 - The K form is an IRS form that you use to report
your sales to the IRS for filing
.
If the actual sales amount and the reported amount match,there is no problem.
An internet site operator who, without knowing it, had not
reported any web sales, received a letter from the IRS requiring him to file a return and last year
asked him to prepare tax returns for the past three years. I had to pay a substantial late ( fine )
.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #3
-
- shell
- 2022/02/01 (Tue) 19:53
- Report
Hello.
For online buying and selling on Etsy, eBay, etc., $ 1099-K was issued for 20000+ sales or 200+ sales until last year, but this year it has changed to $ 600+ sales (without sales frequency setting), a much lower amount
I wasn't sure if I should post a direct link, so the following is an excerpt from eBay.
[Changes to the IRS minimum reporting threshold in 2022]
The IRS is lowering the Form 1099-K reporting threshold. January 1, 2022, IRS regulations require all businesses that process payments, including online marketplaces like eBay, to issue a Form 1099-K to sellers who receive $ If you receive more than $ 600 in gross payouts over the course of the 2022 calendar year, If you receive more than600 in gross payouts over the course of the 2022 calendar year, we'll provide a Form 1099-K to you by January 31, 2023. Your 2021 tax obligations aren't affected by this change. This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #4
-
- tax man
- 2022/02/01 (Tue) 20:30
- Report
> For online sales on Etsy, eBay, etc., up until last year $ a 1099-K was issued for over 20000 sales or 200 sales
> but starting this year $ over 600 sales (no sales frequency setting) > and the amount has been changed to a much lower amount.
Again, back to the basic question on this topic.
> If a 1099 is not issued, when I ask Accounting Service for a Tax return, do I just tell them the sales
> amount and expenses, etc.?
The fact that the 1099 - K form is effective has nothing to do with your basic question about the tax return
issue.
1099 - There is no requirement to file a tax return because the K is effective or
not effective.
Etsy sales of $ 6000 have nothing to do with whether the form was
effective or not.
Whether you have $ or not, your income return is still
6000, soanyway, the basic principle is that there should be no
difference between the amount of the tax return and the fact that the form was effective. Please understand.
The return is filed on a 1040 Schedule C. The software asks
did you receive a 1099 - K ? and if you answer
that you did not receive a 1099then it will say you received a cash or check payment . Did you receive payment by cash or check ?
?
Basically, the basic
question is how you received the income, and whether you received it on a 1099 - K or in cash makes no difference to your return or
the amount paid. I hope all
filers understand that it is not whether the form is in effect or not
but how much income you received as income that is the basis of your return.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #5
-
- Coral
- 2022/02/01 (Tue) 21:29
- Report
Dear tax man
Thank you for your detailed and clear explanation.
I am relieved to hear that there is no problem as long as the actual sales amount and the declared amount match.
I understand that there was a case where I had to pay a considerable penalty for forgetting to file a tax return.In my case, the amount of sales is small, but I would like to continue to sell my products this year, so I will file my tax return so that there will be no mistake.
Thank you very much.
Mr. shell
Hello.
Thank you for the information !
I understand that a 1099 - K will be issued for sales this year over $ 600 when filing next year.
$ 20000 to $ 600 is quite a change.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #6
-
- Coral
- 2022/02/01 (Tue) 21:55
- Report
Dear tax man
Thank you for your additional comments.
1099 - I understand that you are reporting the exact amount of sales whether or not a K is issued.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
Posting period for “ About the 1099-K form on the Etsy for sale site ” has been closed.
Please create new topic to continue the same topic.
- Find local business with Town Guide
-
- Korean restaurant located at H-Mart in K...
-
A rich lineup of Korean dishes such as rice cooked in a pot, seafood pancakes, bulgogi, sundubu jjigae, etc. A wide variety of Korean dishes are available. Jajang Noodles, etc. are also available.
+1 (808) 201-1196GAMA
-
- ☆ Real estate agency with Japanese staff...
-
Established in Hawaii for over 30 years, we provide full support for real estate sales and purchases, as well as management of rental properties and vacation home properties by our Japanese staff. We ...
+1 (808) 800-2421Taro Fujisawa Hawaii Fudosan
-
- Restaurant Suntory has been serving auth...
-
Authentic Japanese Cuisine in Waikiki Restaurant Suntory has been serving authentic Japanese cuisine in Waikiki, Honolulu, Hawaii ・ for over 40 years. Located on the 3rd floor of the Royal Hawaiian ...
+1 (808) 922-5511Restaurant Suntory Honolulu
-
- Buy Hawaii Real Estate ・ Sell ・ Long Ter...
-
Starts Hawaii is the local subsidiary of Starts, the well-known "Pitatto House in Japan. We offer a wide range of services to assist our clients, including sales, rentals, property management,...
+1 (808) 947-2280STARTS INTERNATIONAL HAWAII, INC.
-
- And You Creations is a local tour compan...
-
AYC is an expert on the best ways to enjoy the island of Oahu. We have been serving Japanese customers since 1989, so we are familiar with the needs and concerns of our Japanese customers. Please feel...
+1 (808) 696-4414And You Creations
-
- We offer a wide range of services from c...
-
Born in Tokyo, Japan. Graduated from Michigan State University with a degree in Medical Psychology. After working in Japan at the headquarters of Mitsui & Co. and in the U.S. at General Motors, Nissan...
+1 (808) 591-2002Moana Realty LLC
-
- A fashion brand born in Hawaii and loved...
-
Angels by the Sea offers not only women's dresses, but also men's aloha shirts and children's clothing so the whole family can enjoy Hawaii. Find your favorite style from our large selection of handma...
+1 (808) 921-2882Angels By The Sea Hawaii
-
- Enjoy authentic Japanese cuisine in a re...
-
Always highly rated by YELP. We strive to provide a variety of meals with carefully selected ingredients and a rich menu so that everyone from children to the elderly can dine with ease. A full dinin...
+1 (808) 926-5616義経レストラン| YOSHITSUNE - Park Shore Hotel
-
- Cafe ! offers a very popular deli bento ...
-
Cafe ! Delicatessen lunch boxes made with fresh vegetables from Hawaii are very popular
We use a lot of vegetables grown in Hawaii and offer delicious dishes freshly prepared every day. Vegan... +1 (808) 737-2840KAIMANA FARM CAFE
-
- We are loved by everyone! We can help yo...
-
Omotenashi in Hawaii ! We will take good care of you with thorough Japanese cleaning. Please consult with us first about your cleaning needs. We will come up with a plan to meet your needs. Elderly...
+1 (808) 209-3719OMT OMOTENASHI CLEANING CORP.
-
- Ringer Hut Store will be opening a new l...
-
Since its establishment, Ringer Hut has always been committed to using the freshest ingredients and providing our customers with a high-quality, delicious, healthy and safe dining experience. Nagasaki...
+1 (808) 946-7214Ringer Hut - Ala Moana Center
-
- KOBI's Shiatsu Hawaii 20 years of experi...
-
Those who suffer from stiffness and pain. Those who cannot sleep well. Those who cannot get rid of fatigue. Those who really want to relax from the core of their body. Please try KOBI's Shiatsu. It ...
+1 (808) 226-4132Kobi's Shiatsu hawaii
-
- Residential and commercial properties, e...
-
A real estate company you can trust. We will work with you and your dreams for Hawaii real estate. We provide detailed explanations of all the procedures involved in buying and selling real estate in...
+1 (808) 957-0080Plus Seven Realty
-
- Longtime Best ・ Dentist by Honolulu Maga...
-
We value not only general treatment such as cavities, but also total health care, including tooth color, tooth alignment, bite, and gum condition. We offer treatments that suit each individual patient...
+1 (808) 944-1155Jon Y. Yoshimura, DDS
-
- We will make your dream of meeting wild ...
-
The wilderness of Hawaii is our learning place, and the wild dolphins that live in the wilderness are our teachers. Tour participants can learn "what is important as a human being" as a student. Plea...
+1 (808) 636-8440イルカ大学・イルカ中学・カメ大学・マンタ大学