Which amount on the financial summary is reported to the IRS? Is it Sales Activity? Payments received? Do they subtract the amounts sent in other currencies? When I called in to PayPal last yeat, my total amount was under the 20K but on the financial summaries Sales/Payments recieved are both over 20K so I'm wondering which amounts they deducted from the (over 20K) total to get the 19K number they ended up with.
The amount reported to IRS on your 1099 does not exclude returns,chargeback,sales tax,refund,this is your gross intake
if you are filing income tax return reporting your internet business,the second line on that form is allowance for returns etc,report any returns,chargeback,refund ,sales tax ,subtract line 2 from line 1 to come up with the net sales.
