Dumb question: What does Amazon mean by "unadjusted gross payment"?
For example if I send $12K (totally) in a year and receive $12K (totally) in a year, is my "unadjusted gross payment" $12K (for the amount I RECEIVED) or is it $24K (for both payment received and sent)?
Nevermind, went through the FAQ on the Amazon site and found it:
Is the $20,000 calculated based on net payment volume or gross payment volume?
As required by the IRS regulations, the $20,000 is calculated based on unadjusted gross payment volume. Unadjusted gross payment volume means the total payments received, unadjusted for fees or refunds. The amount that you receive in your Amazon Payments account is the gross payment amount for the transaction, even if a rebate applies or the transaction is later refunded.
newbietx said: Dumb question: What does Amazon mean by "unadjusted gross payment"?
For example if I send $12K (totally) in a year and receive $12K (totally) in a year, is my "unadjusted gross payment" $12K (for the amount I RECEIVED) or is it $24K (for both payment received and sent)?It means total payments received, before any returns and credits. Your outgoing payments are irrelevant - the IRS couldnt care less what you send, just what you receive.
My intuition tells me no but that's using logic .... Which has never been a strong suit for the government.
My reading of the Amazon statement is that unless you pass both those thresholds, they won't report. If they don't report than the IRS wouldn't know ... I don't think Amazon and PayPal would collaborate. That said, the law itself may say in aggregate ... Which to me would mean you could still be personally liable in an audit ...
IANAL ... Or tax accountant ..You are "personally liable" for any income, whether the transaction was reported on a 1099 or not. And even if reported, if it isnt income, it still isnt taxable - income is income, a number on a form is just a number on a form.
Glitch99 said: newbietx said: Dumb question: What does Amazon mean by "unadjusted gross payment"?
For example if I send $12K (totally) in a year and receive $12K (totally) in a year, is my "unadjusted gross payment" $12K (for the amount I RECEIVED) or is it $24K (for both payment received and sent)?It means total payments received, before any returns and credits. Your outgoing payments are irrelevant - the IRS couldnt care less what you send, just what you receive.
Isn't there a gift tax the benefactor has to pay if gifts to a single beneficiary exceed $13K for the year?
cyberkost said: Glitch99 said: newbietx said: Dumb question: What does Amazon mean by "unadjusted gross payment"?
For example if I send $12K (totally) in a year and receive $12K (totally) in a year, is my "unadjusted gross payment" $12K (for the amount I RECEIVED) or is it $24K (for both payment received and sent)?It means total payments received, before any returns and credits. Your outgoing payments are irrelevant - the IRS couldnt care less what you send, just what you receive.
Isn't there a gift tax the benefactor has to pay if gifts to a single beneficiary exceed $13K for the year?This is in the context of Amazon's required 1099 reporting.
Has anyone used citi premier mc on Amazon payments recently? I just want to make sure that citi premier doesn't code transactions as a cash advance. Is it safe to send payments to an account with the same billing address (but everything else different, including different name, bank account no, SSN and IP address)?
hightide said: Has anyone used citi premier mc on Amazon payments recently? I just want to make sure that citi premier doesn't code transactions as a cash advance. Is it safe to send payments to an account with the same billing address (but everything else different, including different name, bank account no, SSN and IP address)? I have done all the above without any problems. Of course, make sure you select "payment for goods/services" when you send the payment.
I've read thru all 5 pages and I haven't seen what the average wait time is to hit your bank when I am the recipient accepting the deposit to my checking account and my bank account has been verified. Can somebody chime in? TIA
hazardous said: I've read thru all 5 pages and I haven't seen what the average wait time is to hit your bank when I am the recipient accepting the deposit to my checking account and my bank account has been verified. Can somebody chime in? TIA In my case, money gets deposited into the bank account on next business day after I initiate the transfer. I have used citi as well as chase bank accounts.
newbietx said: Same here, bank deposit happens within one business day (from the time you initiate it). Actually it's one any-day. I made my withdrawal to my bank account yesterday (Sunday) at 2PM and it was in my Wells Fargo account at 7AM today (Monday).
fllniks said: hightide said: Has anyone used citi premier mc on Amazon payments recently? I just want to make sure that citi premier doesn't code transactions as a cash advance. Is it safe to send payments to an account with the same billing address (but everything else different, including different name, bank account no, SSN and IP address)? I have done all the above without any problems. Of course, make sure you select "payment for goods/services" when you send the payment.
Thanks for the reassurance! My statement posted and sure enough, you are right.
Do I just have to send money from my cc to another Amazon pmts verified user for the charge to appear on my cc, OR does the other user have to actually take the money out (e.g. complete a transfer from amzn pmts a to linked bank acct)?
DeelBoy said: Do I just have to send money from my cc to another Amazon pmts verified user for the charge to appear on my cc, OR does the other user have to actually take the money out (e.g. complete a transfer from amzn pmts a to linked bank acct)?
the money does not have to be taken out on the receivers' end in order for it to appear on your CC.
DeelBoy said: Do I just have to send money from my cc to another Amazon pmts verified user for the charge to appear on my cc, OR does the other user have to actually take the money out (e.g. complete a transfer from amzn pmts a to linked bank acct)?
Just send the payment for the transaction to show up on your card. The receiver can leave the funds there or withdraw.
beethovengirl said: So, it looks like you have to provide your SSN by 12/31 if you want to continue receiving payments, but if you stay under the reporting thresholds, you don't need to worry about a 1099-K. Looks like folks with multiple AP accts need to tread carefully.
So far they haven't enforced this - hope it continues
brandon032586 said: Can you use multiple accounts to make more than $1000 in payments on 1 CC?
Only if you want to F up a good thing. Seriously, don't be so greedy! I actually don't know if you could even do it anymore now that they require your SS#...
brandon032586 said: Can you use multiple accounts to make more than $1000 in payments on 1 CC? Not with the same credit card, although you might be able to get away with different accounts for different credit cards. Amazon shut down my churn accounts last year though, so do be warned.
I am late to figuring this whole Amazon Payments thing out and do not intended to pay myself, but trying to understand if paying rent this way is a legitimate use of the payments system. Also, if the payment is above $1000, is it possible to do $1000 off CC and the rest from the balance on the account?
RushnRockt said: I am late to figuring this whole Amazon Payments thing out and do not intended to pay myself, but trying to understand if paying rent this way is a legitimate use of the payments system. Also, if the payment is above $1000, is it possible to do $1000 off CC and the rest from the balance on the account?Should be legit. I think you may be able to send $1000 with CC and another $500 with non-CC, but I've never tried and I can't tell right now.
I think my AMEX closes in less than a week with some payments done in 2012. It could be a test case if there are any other suprises this year (but Cash Advance in generally on the issuers, not Amazon... right?). For what it's worth, the current transactions look like...
Category: Merchandise & Supplies - Internet Purchase
mattun said: I think my AMEX closes in less than a week with some payments done in 2012. It could be a test case if there are any other suprises this year (but Cash Advance in generally on the issuers, not Amazon... right?). For what it's worth, the current transactions look like...
Category: Merchandise & Supplies - Internet Purchase
bobopig1 said: starcrossed said: My transaction for Capital One posted as cash advance for this month. This is the first time it has happened.
WOW! this is new. Can you give more details about it?
I never paid attention to cash advance or product but it always posted as a purchase. This time it posted as a cash advance. I suppose, the default selected is cash advance, so it could be that the cash advance was selected.
starcrossed said: bobopig1 said: starcrossed said: My transaction for Capital One posted as cash advance for this month. This is the first time it has happened.
WOW! this is new. Can you give more details about it?
I never paid attention to cash advance or product but it always posted as a purchase. This time it posted as a cash advance. I suppose, the default selected is cash advance, so it could be that the cash advance was selected. Default is "Goods and Services."
starcrossed said: My transaction for Capital One posted as cash advance for this month. This is the first time it has happened. Mine did NOT, I have a Cap 1 Venture card and it went through normally.
For those experienced Amazon Payment users: can I split a payment to be partially funded by CC, partially by my bank account? I've almost my $1000 monthly cap for CC, so I would like to pay the remaining balance by bank account.
Will Amazon Payments allow me to do $200 (hypothetically) from CC and $100 from my bank account, or is it one funding source or the other, not both?
monto888 said: Will Amazon Payments allow me to do $200 (hypothetically) from CC and $100 from my bank account, or is it one funding source or the other, not both?The total payment limit for the month is $1000. It does not have to be done in one transaction. Just do it as two separate transactions.
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