6 Rings G.O.A.T.
Supporter
- Feb 11, 2006
- 137,624
- 119,648
Official Tax Season Thread? vol Splash Out m8
- Thread in 'General' Thread starter Started by spizike231,
- Start date
- Dec 29, 2003
- 10,437
- 36,426
- May 27, 2017
- 20,835
- 27,173
"Irregularities"
- Dec 29, 2003
- 10,437
- 36,426
MetalMario
formerly m4riol
- Sep 24, 2008
- 15,816
- 15,112
Stockx should send you the 1099k form of all the totals. If they don’t just ignore it.Hey yall had to ask this
I saw this yesterday
IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service
FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is...www.irs.gov
I sold like maybe $3-4k worth of stuff on StockX last year, maybe 15-20 transactions
Does this mean I don’t have to show the irs the sales when I file taxes this month ?
Irs articles be so damn confusing
- Jul 3, 2015
- 6,033
- 7,112
Thanks
- Aug 23, 2019
- 4,775
- 13,123
Hey yall had to ask this
I saw this yesterday
IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service
FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is...
I sold like maybe $3-4k worth of stuff on StockX last year, maybe 15-20 transactions
Does this mean I don’t have to show the irs the sales when I file taxes this month ?
Irs articles be so damn confusing
What this means
This means that for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements.This phased-in approach will allow the agency to review its operational processes to better address taxpayer and stakeholder concerns.
Taxpayers should be aware that while the reporting threshold remains over $20,000 and 200 transactions for 2023, companies could still issue the form for any amount.
It's important to note that the higher threshold does not affect the actual tax law to report income on your tax return. All income, no matter the amount, is taxable unless it's excluded by law whether a Form 1099-K is sent or not.
- Nov 2, 2006
- 15,448
- 16,780
Sounds like they coming after the little guy, not the large corps like the said when getting all the funding for thousands of new IRS agents. Basturds actually was gonna take it from 20k to $600.
- Aug 23, 2019
- 4,775
- 13,123
- Nov 2, 2006
- 15,448
- 16,780
that doesnt speak to these new specific reporting requirements, but I see what you are highlighting here. They are actually doing what they said.
- May 27, 2017
- 20,835
- 27,173
- Jul 19, 2012
- 8,713
- 14,891
Just paid 160550 out to the IRS based on my estimated taxes. Hopefully I can get some of that back. Unlikely
Soon......
Soon......
mplsdunk
Supporter
- May 25, 2004
- 30,897
- 42,072
Biden said if you don’t vote for him you ain’t black.
That makes “blacks for trump” impossible dude
That makes “blacks for trump” impossible dude
- Jul 19, 2012
- 8,713
- 14,891
I'm obviously kidding I'm not voting for anyone who the klan put on the front page of their paper in support of. I would've paid this much no matter who is in office. I'm in a tax bracket no ones gives a f*** about. Too rich and too poor for any type of breaks. I need to do more with my "corporation".
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mplsdunk
Supporter
- May 25, 2004
- 30,897
- 42,072
MetalMario
formerly m4riol
- Sep 24, 2008
- 15,816
- 15,112
Trump raised the child tax credit from $1400 to $2000 but at the same time you can’t claim dependents from Canada or Mexico unless they’re directly US citizens or resident aliens. The claiming part might’ve been Obama so even earlier.
- Jul 19, 2012
- 8,713
- 14,891
I'm having kids soon, I get the feeling it doesn't make any of this any better in the grand scheme of things, neither does being married lol
- Aug 23, 2019
- 4,775
- 13,123
The new requirements are dumb which is why the IRS has delayed them for two straight years
There's a chance they never go into effect at all. The $5000 threshold for 2024 makes a lot more sense than $600
Lil puff piece to calm down the proletariat while the real robbery goes on
Well it's a lot more than they're going to collect from changing the 1099-K threshold
MetalMario
formerly m4riol
- Sep 24, 2008
- 15,816
- 15,112
It’s a scare tactic at the end of the day
- Oct 28, 2013
- 43,085
- 179,640
- Sep 20, 2007
- 13,378
- 14,952
Anybody file yet and see any significant changes from last year in your return or otherwise?
Seeing some bubbling on TikTok about people not having anything change but their return turned to a “I owe now”
RIP
Seeing some bubbling on TikTok about people not having anything change but their return turned to a “I owe now”
RIP
- Apr 16, 2014
- 24,744
- 50,372
Well I had to pay like $500 last year and so far it looks like I'm getting $400 back. Trying to find ways to get that number higher
- Jul 3, 2015
- 6,033
- 7,112
Yall filed yet?
Did mines on the 29th still pending
Feel like I’m waiting on a shipping confirmation
Did mines on the 29th still pending
Feel like I’m waiting on a shipping confirmation
- Nov 2, 2006
- 15,448
- 16,780
My boy got 12k. Not bad.
- Feb 23, 2006
- 6,131
- 3,836
Finally in approval status on the IRA site. DD expected tomorrow.
