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Tax Document Library & 1099 k
Hello,
While preparing my tax return, I realized that the IRS reduced the threshold for 1099-K forms from $20,000 to $5,000 for the calendar year 2024. I opened a case earlier to confirm this, and the agent approved it. Based on this information, I started expecting to receive my 1099-K form via mail as well as in the tax document library.
However, I have not received it by mail, nor do I see it in the tax document library. Whenever I open a case about this issue, they keep saying there’s a glitch in the system and that I should be able to see everything on the page within 48 hours. However, weeks have passed, and I keep encountering a blank page again and again.
Is there anyone else experiencing the same issue or who has a solution for it?
Thanks in advance!
4 replies
Seller_i6S8knzW6zU6Z
Hi @Seller_02sRLH0gmHdHQ,
You're correct about the new $5,000 threshold for 2024. According to Amazon's policy (https://sellercentral.amazon.com/help/hub/reference/GT86AHE3YMNCB4P4), here's what you need to know:
1.) Timing:
- Amazon will provide Form 1099-K by January 31, 2025 (6 days from now)
- This applies to sellers who met the $5,000 threshold in 2024
2.) How to Access Your Form:
- Electronic: Check the Tax Document Library in Seller Central (if you consented to electronic delivery)
- Physical Mail: Will be sent to your address if you didn't consent to electronic delivery
Important Notes:
- Only the primary account holder can access forms in the Tax Document Library
- Make sure you're logged in as the primary user
- Verify your tax information is properly validated in your Account Info page
Since we're still 6 days away from the January 31 deadline, I'd suggest waiting a few more days before escalating this further. However, you can prepare by:
- Verifying you're logged in as the primary user
- Checking your tax information status in Account Info
- Confirming your delivery preference (electronic vs. mail)
For more details about tax document settings and access, see: https://sellercentral.amazon.com/help/hub/reference/G200755270
If you still don't have access by January 31, then it would be appropriate to contact Seller Support again.
Best regards, Michael
Seller_TeK7HYTK7PiOb
You don't need a 1099-K to file your taxes. You should be able to determine your total sales and subtract all the expenses from Amazon - as well as your cost of goods sold and any other operating expenses. What Amazon reports on a 1099-K is usually an overstatement of your total revenue as they include sales tax - even though it's passed through directly to the state.
Seller_xo4Akj7FBBnfC
You can use your full-year Date Range Summary Report that you download from the Seller Central Reports Repository to approximate what Amazon reported (or would have reported) as income in the 1099-K 'box 1a' Gross amount.
HERE is a post that details how to use that Summary Report to calculate both income and expenses to report to the IRS.
We've always find a discrepancy between the Summary Report income calculation and the 1099-K 'box 1a' amount of around 0.05% (that is, around $50 for every $100,000 in income). Other sellers have suggested that this is because Amazon uses inconsistent transaction time windows for those two documents.
The fact that Amazon's 1099-K's never exactly match their transaction reports makes it much more difficult to spot bookkeeping errors. In contrast, our non-Amazon sales channels' reports always match their 1099-K's to the penny.
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