FlyerTalker Lending Team on Kiva.org!
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#1396
Join Date: Mar 2004
Location: chicago
Posts: 148

I have been lending to Kiva for the last few years, getting back (most) of my money via pay pal.
I got an email from pay pal asking for my tax ID.
"The IRS will soon require anyone receiving $600 in payments for goods and services to confirm their taxpayer status. As someone who's received payments through PayPal, you'll need to confirm your taxpayer status by providing your Tax ID Number to meet the requirement"
"if needed based on the amounts you've received, we will use the information you've provided to send you a Form-1099-K in January"
Anyone else received this?
I got an email from pay pal asking for my tax ID.
"The IRS will soon require anyone receiving $600 in payments for goods and services to confirm their taxpayer status. As someone who's received payments through PayPal, you'll need to confirm your taxpayer status by providing your Tax ID Number to meet the requirement"
"if needed based on the amounts you've received, we will use the information you've provided to send you a Form-1099-K in January"
Anyone else received this?
Seems like a money-grab by paypal. they like to freeze accounts and such, no matter how long your account has been open or for whatever reason they decide
#1397
Join Date: Aug 2008
Location: Somewhere in Florida
Posts: 2,225
I got the same email today. it was after paypal refused to issue me a paper check and insisted i link a debit card or bank account to transfer the money this way.
Seems like a money-grab by paypal. they like to freeze accounts and such, no matter how long your account has been open or for whatever reason they decide
Seems like a money-grab by paypal. they like to freeze accounts and such, no matter how long your account has been open or for whatever reason they decide
#1398
Join Date: Feb 2005
Location: milwaukee
Programs: DL Diamond, HH Diamond, Marriott Platinum
Posts: 233
I saw this report on Doctor of Credit this week:"A major under-reported facet of the massive $1.9 stimulus bill (round 3) is that it strengthens requirements on payment processors like Paypal to report on income received through their platforms
Beginning on January 1, 2022, third party payment processors will have to report any income for goods or services exceeding $600 during the calendar year on a form 1099-K. Previously, processors only had to report this income if it was BOTH: (a) $20,000 or more during the calendar year, and (b) 200 transactions or more. This allowed most smaller stuff (like Topcashback, Ebates, PFS, Swagbucks payments) to go unreported."
https://www.doctorofcredit.com/stimu...99-k-tax-form/
I am concerned that I will get a 1099 for all of my Kiva to Pay Pal transfers starting in 2022.
Beginning on January 1, 2022, third party payment processors will have to report any income for goods or services exceeding $600 during the calendar year on a form 1099-K. Previously, processors only had to report this income if it was BOTH: (a) $20,000 or more during the calendar year, and (b) 200 transactions or more. This allowed most smaller stuff (like Topcashback, Ebates, PFS, Swagbucks payments) to go unreported."
https://www.doctorofcredit.com/stimu...99-k-tax-form/
I am concerned that I will get a 1099 for all of my Kiva to Pay Pal transfers starting in 2022.
#1399
Moderator: American AAdvantage & TravelBuzz
Join Date: Nov 2007
Location: BOS
Programs: AA EXP, Marriott Titanium
Posts: 10,221
I've been dealing with PayPal 1099s off and on for several years now. Had some hiccups 3-4 years ago when they tried to report it as "income" - but got PayPal to reissue the form and resolved the issue. I'm not even sure I got a 1099 from them the last year or two...
PS - almost midnight here on US East Coast...looks like we'll be ending the year around:
1.083 team members
$10,793,195 funded
122,698 loans
PS - almost midnight here on US East Coast...looks like we'll be ending the year around:
1.083 team members
$10,793,195 funded
122,698 loans
Last edited by JY1024; Dec 31, 21 at 9:07 pm Reason: Update with stats