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1099k Variance
I downloaded my 1099k and then, per the instructions on page 2, downloaded the monthly reports from the Reports Diepository. October, November and December amounts on the 1099k differ significantly from what is on the monthly reports downloaded. Will there be a corrected 1099k posted?
Thank you.
9 replies
Seller_CW0P5hgbsiqWX
They never match due to cut off times when interacting with your biweekly distributions and when the 1099k is run. Just remember, the amount Amazon reports to the IRS on the 1099k is the one that counts as far as your tax reporting is concerned.
Seller_xo4Akj7FBBnfC
HERE IS A POST that details how to enter your Summary Report data into QuickBooks so that your Income in QuickBooks very nearly matches your 1099-K.
When we follow the bookkeeping guidelines in that post, the income calculated using our Summary Reports always seems to differ from our 1099-K by only around $0.50 for every $1,000 in income. Others have stated that this is because the Summary Reports and 1099-K use inconsistent transaction cut-off times.
Businesses have some flexibility to determine their transaction cut-off times for income and expense reporting, provided those criteria make sense and are consistent from year to year. Our rule is, "we report to the IRS what Amazon reports to us."
We report to the IRS the income calculated using our Summary Reports - not the 1099-K - because in the event of an audit we can easily document that Amazon's reports exactly match our reported income.
Your Summary Reports can be found in Seller Central in 'Payments' by clicking the 'Reports Repository' tab and under Report Type clicking 'Summary'.
Summary Reports are provided in PDF format.
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