Okay, I'm looking at my PayPal and was wondering what the requirements are to have to file tax on my PayPal earnings.

I think I've earned $400 this year, but this is spread over many different PTC sites. Do I have to pay taxes on all of altogether or is it only for earning 400 from one site?

Also I'm really confused where I'd put this into. I'm thinking on the Business page, but what category, etc?

Hmm is there guide somewhere for us US members?

I am thinking you only have to turn you payapl in if...
US$20,000 in gross payment volume from sales of goods or services in a single year.

sent me my filing information, thanks for getting it to me by Jan 31st!
I too have to file taxes with IRS for my earnings.
I will need to find some good deductions
Internet bill...
Fee's for cashing out..
anyone else got any others options I can add in?

I know that last year it was any company that paid you $600 or more was to report it to the IRS and you were to claim. As far as Paypal tho, yes it is something like $20,000 as listed on Paypal's website and it is for sales as TasMail said.

However I forget which site I was on and they put a notice on top of the members area that the IRS was changing their tax filing and I don't remember what exactly it said.

If you only earned $400 as a total from various sites, you will not be able to claim it. You will have no documented proof and you will not be able to submit it without having the proper tax info. I am not a tax expert tho, but the sites do not send you documentation until you reached more then a certain amount in the year.

TasMail wrote: I am thinking you only have to turn you payapl in if...
US$20,000 in gross payment volume from sales of goods or services in a single year.

sent me my filing information, thanks for getting it to me by Jan 31st!
I too have to file taxes with IRS for my earnings.
I will need to find some good deductions
Internet bill...
Fee's for cashing out..
anyone else got any others options I can add in?

You can often claim part of your electric and other supplies you have for your at home business. Some people say that you can actually claim a part of your mortgage or rent for your business, but only if you have an actual office that is just for an office. It all depends tho and I have not claimed any bit of rent before on my taxes for business.

The only one I know is ClixSense that sends one out, well with the sites I am with anyways.
ClixSense sends one out to anyone that earned $600.00 and over.

chicky1217 wrote:

TasMail wrote: I am thinking you only have to turn you payapl in if...
US$20,000 in gross payment volume from sales of goods or services in a single year.

sent me my filing information, thanks for getting it to me by Jan 31st!
I too have to file taxes with IRS for my earnings.
I will need to find some good deductions
Internet bill...
Fee's for cashing out..
anyone else got any others options I can add in?

You can often claim part of your electric and other supplies you have for your at home business. Some people say that you can actually claim a part of your mortgage or rent for your business, but only if you have an actual office that is just for an office. It all depends tho and I have not claimed any bit of rent before on my taxes for business.

Thanks chicky1217.. I actually have a separate room for my computers. I will check on what you said as well, thanks
Here is what I found out so far.
Internet bill
Separate room for computer work
Fee's that was taken to get your money

You have to report income over $600. that was earned ikonnie.

I efiled over the weekend and found there will be a delay in transmitting it to Fed and State. There is a hold on it because of tax law changes that affected my tax return and the fiscal cliff problem, the IRS is not ready yet to receive it. Their system will not be ready until late Feb. or early March. In particular for me, the form 4562 for depreciation and amortization... so heads up delay on certain deductions and credits filed.

Okay, I'm seeing a lot of people say 600 dollars earned from a single company, and some say overall. Which is it? I haven't earned over 400 or 600 from a single company, but over all the PTC sites I use, it's accumulated over atleast 500, I believe, maybe 600. So do I file or not if it's over a wide array of PTC sites?

ikonnie wrote: Okay, I'm seeing a lot of people say 600 dollars earned from a single company, and some say overall. Which is it? I haven't earned over 400 or 600 from a single company, but over all the PTC sites I use, it's accumulated over atleast 500, I believe, maybe 600. So do I file or not if it's over a wide array of PTC sites?

bump, still needing clarification!

I have just requested my first payout. What info do i need to keep for tax filling next year? I saw in this forum where someone received a 1099 from clixsense, was this for earned income or just what you cashed out?

Legally, it doesn't matter if you receive the w-4's from anything because legally you are suppose to file
if you have made more than such and such number over the course of the tax year. I say such and such
number because I am not exactly sure what that number is. However, I think that number is $5,000.

Of course, programs and companies that do not send you a w-4, that do not report earnings, legally you
are still bound to report it but most people probably don't. There's no true record of it since the company
did not report it.

Be careful about reporting a different building for your office that is not your home.

The best thing you can do is talk to your tax man about what you can claim and what you are legally bound to submit.
Just going by what someone tells you on a forum, is a bad idea.