Substancial difference between 1099-K and Payment Summary Report
Hello,
I am trying to reconcile the total income reported on my Amazon 2024 1099-K with the Payment Summary Report . There is a discrepancy of over 60K, does anybody have any suggestions or recommendations?
39 replies
Seller_nRFmxiQg4EGrw
The 1099K includes any sales tax that was collected and remitted by Amazon; that amount is listed on page 2 of the form, and should be deducted out when filling out Schedule C. Your payment summary report will not show those taxes.
AFAIK, Amazon is the only marketplace that does this; it doesn't seem proper, but it's there (at least, it has been in the past; I've not started working on 2024, so haven't looked at the current one).
Seller_rRYxDjEstC2nV
Have similar problem. On page two is provides instructions on how get the transaction level details that makeup the numbers on the 1099K and from the same page you can get a summary of that same data. However, the sums from these three sources are significantly different from the 1099K and somewhat each other for the same timeframe.
I’ve tried to narrow in on just the Product Sales data point (page 2 of the 1099K), hoping that if I can get the date range on the other reports get matching (or close) Product Sales figures then I would be able to calculate the rest. But not luck my Product Sales are about $5,400 lower than what the 1099 shows. (i'm a small seller)
If just the product sales number is not accurate, I can't begin to calculate the following data points.
Please help.
Seller_hGsu16iOBbLk0
For us, the issue is because the Repository Report does not include Amazon Deferred Transactions. For some sellers Amazon is not allocating sales revenue until up to 7 days after the product delivery date.
You can find discrepancies if you compare your shipped units on your Inventory Ledger versus the units ordered on the Repository Report.
Seller_ZvXmWDk2kH4IV
anybody from amazon team can help us???
Seller_aOyHFh2YRfkfF
that's gross sales, you should deduct shipping services and other transactions like amazon fees
Seller_zinnr9HADdMb2
For years we simply take the 1099k amount and subtract it from the bank deposits for the year and the difference we report as "Amazon fees". Not the best but it works and its 5 minutes vs 20 hours trying to decipherer the Amazon reports and even those will not line up with your 1099k.
Seller_cvtGSiSp8LY0j
i feel like it has always been like that even compared to what i track on my own kind of weird how it works
Seller_1F3cC3JUIOojA
1099-K is the total of all credit card charges. . There is no discrepancy. Just keep your books accurately and hand it off to you cpa.
