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1099-K How to report this?
If you grossed over $20,000 (or 200 sales) in sales from Apple you will receive a 1099-K.There are 2 problems with this:1) This will NOT reflect the 30% that Apple has withheld.2) A 1099-K will only be sent for those regions that meet the criteria for Apple issuing a 1099-K. Thus, this won't reflect all of your sales. Note: this is an assumption as I had more sales then this 1099-K reflects. In my case, I only received a 1099-K for US sales (I assume as it doesn't say). As a result, the difference from what the 1099k is reporting and what I actually received is only 12%, not 30%. That is, for example, the 1099-K says that I had$20,000 in sales, but what was actually deposited in my account was $17,600.How did you guys/gals fortunate/unfortunate enough to receive a 1099-K report this on your taxes?Did you, for example, have:a) 1099-K income of $20,000 with a business expense of 30% = $14,000b) Addional non-reported income of ($17,600-$14,000) = $3600Total: $17,600 (amount actually received from Apple sales)-OR-a) 1099-K income of $20,000 with a business expense of 12% = $17,600Thanks for the help with this!
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Apr ’16