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You could, but the data can be a mess and often needs interpretation. I wouldn't trust the numbers to be pulled directly. 1099-K - you could easily be sent a

by refurb 4y ago

You could, but the data can be a mess and often needs interpretation. I wouldn't trust the numbers to be pulled directly. 1099-K - you could easily be sent a 1099-k that includes money that shouldn't be included in your return 1099-B - it's not unusual for cost-basis to not be included, so you need to calculate a bunch of numbers from your 1099-B before entering into your tax return 1099-R - depending on the distribution you took, it may be taxed or not taxed depending on other information not included in the form I mean, it would save you the trouble of entering the numbers, but it doesn't solve the problem that there is a good chance the numbers aren't correct.

jjnoakes 4y ago
A huge majority of folks wouldn't need to bother, and the rest could make changes if they are needed.
- refurb 4y ago
  I highly doubt it since the 1099-K reporting for any payment platform transfer over $600 is only delayed. That's going to impact a lot of people.
  - brewdad 4y ago
    I've met one person in my entire life that has to deal with a 1099-K. I've met a lot of people and have been around for a handful of decades.
    - refurb 4y ago
      You realize they changed the rules this year, but delayed implementation? The threshold used to be $20,000/200 transactions, but it's going to $600 for even a single transaction. Your friend sends you $1000 for a shared vacation? That's a 1099-k. Your roommates send you $1000 as their share of the rent? That's a 1099-k. Sell your car for $5,000? That's a 1099-k. None of those are actually taxable, so you need to sift through the 1099-Ks you receive to see which ones need to be reported and which ones don't.
      - UncleMeat 4y ago
        Huh? Isn't Venmo excluding the friends&family transactions?
lxgr 4y ago
The flow in most other countries is: - Various sources provide the tax authorities with your taxable income, already withheld amounts etc. - Your tax filing system, which can be the authorities' or a third party's, pulls these numbers and shows them to you. - If they look good, you press "send" and you're done. If anything is missing, you amend it; if anything is wrong, you correct it. - If you omit anything that wasn't included, that's still tax evasion and punishable in the same way as omitting data or forms on your IRS return. An important scenario here is "I have nothing to amend, and I'm sure you got it right" – in which case you don't need to do anything but are still liable for any omissions. Not filing a report is the same thing as filing a default report. And if the tax authorities find anything unclear or suspicious, they can still require you to file one.
- refurb 4y ago
  I know, I've experienced it. But in those other countries the tax code tends to be simpler and the reporting back to the tax agency more accurate. If you've ever been transfer more than $600 through a payment platform you're going to need to do some tracking on math to make sure the right amount gets reported. The payment platforms aren't going to do that for you.

by refurb 4y ago

jjnoakes 4y ago

A huge majority of folks wouldn't need to bother, and the rest could make changes if they are needed.

refurb 4y ago
I highly doubt it since the 1099-K reporting for any payment platform transfer over $600 is only delayed. That's going to impact a lot of people.
- brewdad 4y ago
  I've met one person in my entire life that has to deal with a 1099-K. I've met a lot of people and have been around for a handful of decades.
  - refurb 4y ago
    You realize they changed the rules this year, but delayed implementation? The threshold used to be $20,000/200 transactions, but it's going to $600 for even a single transaction. Your friend sends you $1000 for a shared vacation? That's a 1099-k. Your roommates send you $1000 as their share of the rent? That's a 1099-k. Sell your car for $5,000? That's a 1099-k. None of those are actually taxable, so you need to sift through the 1099-Ks you receive to see which ones need to be reported and which ones don't.
    - UncleMeat 4y ago
      Huh? Isn't Venmo excluding the friends&family transactions?

lxgr 4y ago

The flow in most other countries is: - Various sources provide the tax authorities with your taxable income, already withheld amounts etc. - Your tax filing system, which can be the authorities' or a third party's, pulls these numbers and shows them to you. - If they look good, you press "send" and you're done. If anything is missing, you amend it; if anything is wrong, you correct it. - If you omit anything that wasn't included, that's still tax evasion and punishable in the same way as omitting data or forms on your IRS return. An important scenario here is "I have nothing to amend, and I'm sure you got it right" – in which case you don't need to do anything but are still liable for any omissions. Not filing a report is the same thing as filing a default report. And if the tax authorities find anything unclear or suspicious, they can still require you to file one.

refurb 4y ago
I know, I've experienced it. But in those other countries the tax code tends to be simpler and the reporting back to the tax agency more accurate. If you've ever been transfer more than $600 through a payment platform you're going to need to do some tracking on math to make sure the right amount gets reported. The payment platforms aren't going to do that for you.