Does Fullscreen send you a 1099 in January?

Oh, I didn't realize Fullscreen sends payment through paypal. You can search for this on google but paypal on requires you file taxes if you make over $20,000 AND 200 transactions otherwise it is considered a hobby and you don't have to pay taxes.

Will find the US statement about this if requested, it was filed in 2010 or so.
 
AreYouAwareBro said:
Oh, I didn't realize Fullscreen sends payment through paypal. You can search for this on google but paypal on requires you file taxes if you make over $20,000 AND 200 transactions otherwise it is considered a hobby and you don't have to pay taxes.

Will find the US statement about this if requested, it was filed in 2010 or so.
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I don't think it matters what PayPal considers it, Federally you have to pay taxes on anything over 500$ i thought.
 
AJBBB said:
I don't think it matters what PayPal considers it, Federally you have to pay taxes on anything over 500$ i thought.
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Alright you made me do it haha, here it is: https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

Excerpt from the official paypal page:

Code: 
What is Internal Revenue Code (IRC) Section 6050W?
 
Under the legislation, we'll report to the IRS the total payment volume received by US account holders whose payments exceed both of these levels in a calendar year:
 
      US$20,000 in gross payment volume from sales of goods or services in a single year
      200 separate payments for goods or services in the same year
 
IRC Section 6050W applies to all payment processors, including PayPal. Our goal is to help PayPal sellers understand and comply with the new requirements.
 
Businesses are only required to report it after 20k, You are required no matter what haha. I just don't want people not filing taxes and getting audited.
 
AreYouAwareBro said:
No, it doesn't? Quote where it says they'll report you under 20k?
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I was referring to the fact that its their job to report you over 20k.

Businesses are required by law to notify the IRS of your earnings if you make over $20,000. That is the businesses responsibility.
You are required to file taxes if you earn over $500 income in any one year. That is your responsibility.
 
AJBBB said:
I was referring to the fact that its their job to report you over 20k.

Businesses are required by law to notify the IRS of your earnings if you make over $20,000. That is the businesses responsibility.
You are required to file taxes if you earn over $500 income in any one year. That is your responsibility.
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True but if it's considered a hobby you are not required to report it as income. Up to 20k it is considered a hobby.
 
To determine if you need to file a Federal Income Tax return for 2013 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
  • Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
  • Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
  • Were you self-employed with earnings of more than $400.00?
 
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