This question has been asked a million times her, but see here: http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm
I read through it quickly, and now I'm even more confused than before.
Well what ever you received, didn't you send as well, and just make even? All my accounts I receive yes, but also SEND money every month, no profit was made...HMMMM
Payment processors are required to issue a 1099-k when you have 200 or more transactions for a total of 20k or more. They can at their own discretion issue one for any amount and some do.
Care to elaborate?
If you do 200 transaction or and $20k in transaction Amazon, Paypal and any other payment processor is required to issue you a 1099-k. It doesn't mean you made $20k that is taxable, file it as a $0 profit.200, or and $20k is what the IRS requires them to issue it, but they could issue you a 1099-k for any amount (even less(
Does Chase QP fall under the payment processor category?
FTFY
Will you file Form 1099-K for my account if I only exceed one of the two thresholds?No. Unless you exceed both thresholds ($20,000 in gross payment volume and 200 transactions) we will not file Form 1099-K for you.
From my understanding its 200 transacions + $20k in transactions that's requiering a 1099. CMIIW.
apparently no one read the article wich says"Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing."