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1099-K From Paypal And I Don't Have A Business - Turbotax: What You Should Know
For more information, go here The reason they send to Virginia is that it's common for companies to pay your wages to VA instead of where they actually pay you, which is the state. If you don't have income (as in 0) your TurboT ax will be unable to determine how much of your W-2 is for wages and how much is your taxable base. You need a Form 1099-K. If you do have income, it is important to take your sales taxes (see this question) and use them to get your 1099. The 1099-K form will not account for any sales taxes that might have been paid to Virginia or another state. The 1099-K form will NOT give you a tax-free status for your sales. To get this credit you need to do business with Virginia or anywhere that requires tax registration. Tip : You may need a separate state or local tax return for this. Contact your tax preparer for clarification. If you have a 1099-K for sales from TurboT ax, you may receive an S corporation form (which can be used to take out your income tax refund). This form will give you the S corporation tax break, but the tax return isn't required. You don't need to fill out the S corporation return. The state may require you to file a tax return if you owe income tax. If you choose not to receive a 1099-K, you don't have to do anything to receive the income you earned. It's not necessary to file Form 1099-K if the form received only covers wages, and you are paid by checks or cash. If you receive cash payouts or have some other method of paying yourself, you will need to do one. What should I do if I have a 1099-K? Your spouse, children and even your pets cannot be listed as your employee or owners. If you were already a TIN when you started working in this situation, you may have to complete a 1099 or other tax form. You will need to contact us and provide us with the following information: • The name of the employer • The street address of the employer • The employer's business license number or address • The employer's TIN • The start or end dates of employment The Form 1099-K (in a format that our system can read) must be submitted to us within 60 days in the calendar year following the first job.
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