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PayPal income tax in USA ?

Discussion in 'PayPal' started by ziya, Mar 8, 2013.

  1. #1
    Hello,
    is there any tax for income from paypal in USA ? and is there any way to calculate it ?

    Thank you in advance
    ziya, Mar 8, 2013 IP
  2. funmom91

    funmom91 Active Member

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    #2
    If you made over $20,000 and had more than 200 transactions they will send you a 10-99. If not, you can go to a tax professional with your statements (if you have them). Or get your years statements from PayPal and it will tell you how much you maid during the year, how much you sent out in payments, and how much you paid in PayPal fees, along with some other information.
    funmom91, Mar 8, 2013 IP
  3. ziya

    ziya Active Member

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    #3
    I can't talk to any tax professional . Is there anyway to calculate it ?
    ziya, Mar 8, 2013 IP
  4. browntwn

    browntwn Prominent Member

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    #4
    Income from PayPal? They pay me 1% on all my purchases made with my debit card. If they paid me more than $600 I assume they will send me a 10-99 - I should check and see how much I made last year from PayPal themselves.

    Otherwise, for income paid to you by others via PayPal, well you need to declare all your income when you file your taxes. How you are paid, be it cash, check, wire, PayPal, it makes no difference. It is up to you to accurately report your income, calculate your deductions and pay any tax due on the taxable amount of income. So I have affiliate companies that have paid me a lot of money and then send me the tax form not PayPal. PayPal is merely a conduit for being paid, the party paying you is the one who you will get a tax form from, or should, if the amount is above the legal threshold.

    It is always your own responsibility to report your income on your taxes.
    browntwn, Mar 8, 2013 IP
  5. ziya

    ziya Active Member

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    #5
    thank you for your answer on my thread .
    I was asking about income paid to me by others via PayPal . I have transferred money to my bank account, and I have been asked to pay taxes after transferring money. what percentage per year ? and are there any minimum or maximum limits of income to pay taxes ?
    ziya, Mar 8, 2013 IP
  6. browntwn

    browntwn Prominent Member

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    #6
    Who is asking you to pay taxes? Do you even live in the US? If not, why are you paying or worrying about paying any US taxes?
    browntwn, Mar 8, 2013 IP