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Thread: The new 1099-k we will be getting from Amazon payments

  1. #11
    geoturk
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    Quote Originally Posted by yurika975 View Post
    I know this is something that many freelancers are concerned about. I would be worried about double reporting. Who wants the IRS trying to collect on what they think is double income.....I just think this could cause problems. I understand that some people are making mega bucks and dodging the system....
    What has you concerned about double reporting?

    I think most turkers probably won't receive one of these. If you had that hypothetical $10,000 in a year from mturk and another $10,000 from Amazon sales you'd likely be working an awful lot. The paperwork burden will fall mainly on Amazon and from our perspective, we would probably count as wholly self-employed at that rate, so we'd be filing a 1040 and a self-employment schedule anyway.

    I know it feels like the IRS is barking up the wrong tree with this, and they probably are, but until we can shift the tax burden back to those who can really afford to pay it, we will probably see more of this sort of thing.

  2. #12
    Member Jessann's Avatar
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    Okay, so what is the difference between a 1099 K and a 1099? Will I get a 1099 if I do not make 20k per year? Also, can I still receive my earned income credit for my children if filing under a 1099?

  3. #13
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    Quote Originally Posted by Jessann View Post
    Okay, so what is the difference between a 1099 K and a 1099? Will I get a 1099 if I do not make 20k per year? Also, can I still receive my earned income credit for my children if filing under a 1099?
    Jessann,
    Don't make this harder than it is. Third party payers (credit card companies, Amazon, etc.) are required to issue a 1099K based on the current rules. Requesters who pay an Independent Contractors more that 600.00 are required to issue a 1099MISC. That's two different things. If you only worked for one requester and this was all you were paid by Amazon, your 1099MISC and 1099K would be the same. **Edit: K's are for actual payments from Amazon. MISC's are what you earned even if it hasn't been withdrawn.** If you didn't qualify for a 1099K you will only get a 1099MISC.

    1099MISC is for payment for your labor.
    1099K is for payments made through a 3rd party (not the person you worked for).

    IRS rules are always changing so it's best to get the latest info from www.irs.gov. I might have read something dated two years ago that will not be correct now.

    At this point, if you have not received either 1099 you're not going to but you are still required to file all income.

    Please note: even if you were not mailed a form the IRS still might have been notified. They are separate processes but should have the same information. 1099's are issued by the end of January. The electronic reporting to the IRS is done at the end of February or March (unless things have changed). If a company sees they missed issuing the paper 1099 they can add it in to their IRS filing. Of course, a 1099 should be mailed, but mistakes happen.

    Keep your own records and be ready for any question the IRS might come back later and ask. Failure of not getting a 1099 is no excuse for not reporting the income. Please, be careful.

    This is about all a non licensed person can tell you.

    HTH
    (please ignore any grammatical errors)
    Last edited by genoa; 03-15-2012 at 03:47 PM.
    ----------------------------
    -Robert

    Ever wonder what the speed of lightning would be if it didn't zigzag?

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  5. #14
    Member Jessann's Avatar
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    Ok, well I did not work last year, just started this last month. I just dont want to make any mistakes.

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