When Will eBay Issue 1099-K Forms For 2021?
UPDATE: Some sellers are seeing incorrect data and doubled dollar amounts on their 1099-K forms. More info here:
UPDATE: Sellers are reporting 1099-K forms for 2021 are now starting to show up under the Payments>Taxes tab in Seller Hub. The 2020 1099-K is still showing an incorrect date generated of August 20,2021.
eBay also provides detailed 1099-K reports by month, which should be downloaded an kept for your records as eBay will only retain them for 1 year.
Like in previous years, eBay collected Marketplace Facilitator sales tax is not included in the 1099-K but seller collected sales tax is included.
It's also important to note that eBay uses the settlement date, not the transaction date for transactions - that means the date the payment settled to be paid out to the seller, not the date the buyer initiated payment.
If you sum the total for the Order Total field for each monthly report it should match up to the amount shown for that month on the 1099-K.
Sellers who were hoping to get a jump in filling their tax returns are wondering where their 1099-K forms are for 2021.
In Seller Hub under the Payments tab, eBay states they will issue 1099-K forms by January 31st but there is no new form available yet for many sellers.
Even more concerning, eBay is indicating 1099-K forms for 2020 were issued in August of 2021 - yikes!
While I can confirm that date is not accurate for when 1099-Ks were actually generated in 2021, it certainly doesn't inspire confidence in eBay's technical or bookkeeping processes to see this kind of obviously incorrect data being shown.
Sellers are also discussing the issue in the eBay community.
The deadline for eBay to issue 1099-K forms is technically midnight on 1/31 and there are some pretty stiff fines and penalties for companies who miss this deadline, so I would expect we'll see them available in the online portal later today and in the mail in the next week or so.
Let me know in the comments below if you've received your 1099-K from eBay for the 2021 tax year!