Yes, that's what the article I linked to says.Are we all going to be 1099'd?
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."
What's the big deal to get a 1099?File it as $0 profit off it
Will I receive a Form 1099-K for my seller account? For each calendar year, if you had at least $20,000 in unadjusted gross sales and 200 or more transactions, a Form 1099-K will be provided to you. If you did not meet both of these thresholds, you will not receive a Form 1099-K. We will track your unadjusted gross sales and number of transactions. You will also be able to tell if you have exceeded the thresholds by monitoring your unadjusted gross sales and number of transactions in your seller account.
IIRC there was a major tumult about that requirement and if was subsequently repealed.
Same reason why we hate FR's from Amex. If you think those ladies at Amex are PITA wait till you meet an IRS agent.
From my understanding its 200 transacions + $20k in transactions that's requiering a 1099. CMIIW.
There is only 12K a year per account being received so you will not receive a 1099 and it will not equate to 200 transactions unless your x-ferring in small amounts. http://www.irs.gov/pub/irs-pdf/i1099k.pdf - see bottom right of page 3 for further guidance
But if I send $12k, receive $12k and withdraw $12k that would equal $36k in transactons. So that's y I asked if sending, receiving and withdrawing all count as trasactions.So r u saying that only receiving is counted as a transaction?
I dont think withdrawing counts.The 1099k is for incoming payments. Withdrawal is not a payment
And what about 200 transactions, is that also just for receiving (as I have 3 amazon payment accounts in my name that I use monthly so I can reach the $20k limit)?