1099-k Summary Report
Is there a way to get the Summary report that the 1099-k is based on? It is mind bogging that this would not be availiable.
14 replies
Seller_EkbLZUYSpmJEy
Under Payments, select the Reports Repository tab, set the Report Type to Summary and set the Custom Date Range with 1/1/2024 and 12/31/2024. Then click the Request Report. It should come up in a couple of seconds ... if not, click refresh.
Seller_xo4Akj7FBBnfC
There are several posts that explain how to reconcile your full-year Summary Report with your 1099-K, starting with THIS DISCUSSION.
As stated in that discussion, the Information page of your 1099-K says to report the sum of these six entries from your annual Summary Report as your income to the IRS:
- Product sales (non-FBA)
- FBA product sales
- Shipping credits
- Gift wrap credits
- Promotional rebates (typically negative)
- Product, shipping, gift wrap taxes and regulatory fee collected
That sum typically differs from our 1099-K by about $5 for every $1,000 in sales. Others have stated that this difference is because the Summary Report and 1099-K use inconsistent transaction cutoff times.
We report income to the IRS based on the sum of those six entries from our full-year Summary Report, not our 1099-K, because in the event of an audit we can easily document that we've reported the exact amount of income that Amazon reported to us.
We find it frustrating that the sum of those six entries from Amazon's full-year Summary Report don't exactly match the 1099-K, since this makes it much more difficult to spot any bookkeeping errors.
Seller_AF6uF6gvn0yie
I also noticed, the amount does not match. Then I found this info:
"Amount: If you are referencing your bank account or your settlement report from Amazon, note that per IRS regulations, the amounts listed on your IRS Form 1099-K represent the unadjusted gross sales that occurred and not the actual bank transfers. Unadjusted gross sales represent your total sales unadjusted for fees or refunds. The amount is the total buyers paid for orders, even if orders were later refunded."
Do we pay tax for the amounts of shipping and Amazon Fees? Is there a report of Amazon Fees we can use to deduct them as expenses?
Seller_6wciPsbyKdRWj
In years past the date range summary report matched the 1099 pretty closely. This year it is way off. It seems they changed the reporting date due to the new deferred payment change they made in Nov. Instead of reporting it off the order date they now report it off the settlement date.
The problem is, it seems they changed the reporting date for the entire year, not just the months when the new deferred payments went into effect (nov/dec) so the numbers are way off.
I've had a case open for more than two weeks and still can't a resolution on how to get the backup reporting to the 1099. Neither the date range summary reports nor the Amazon Fulfillment Shipments reports match the 1099. How can they not fix this or provide backup reporting to the 1099? Are the rest of the numbers on the date range summary report accurate (ie. expenses) or are those way off too?? This is ridiculous!!!
I've heard from a lot of other sellers with large discrepancies as well.
