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Common US IRS Tax Questions 1099K, B Notice, and FATCA

All US payment processors, including PayPal, are required by the Internal Revenue Service(IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. You can access your 1099-K from your PayPal account on January 27th, 2017. Only those customers that meet the 1099-K eligibility requirements will see the 1099-K available for download in their account.
  • At this time, direct deposit of tax refunds into a PayPal account isn't available, however you can set up direct deposit with your PayPal Prepaid MasterCard. (On the Frequently Asked Questions page under "Using The Card" you will find more information about enrolling in direct deposit.)
  • If there are any discrepancies between what is reported by the IRS and what PayPal has on file for you, you may receive an IRS-B notice.
  • If you feel there is a discrepancy in your 1099-K, please provide us with the transaction ID(s) in question and the justification for why the transaction is being disputed. Click Contact at the bottom of any page to call or email us.
You can find more tax related information on the PayPal IRS tax website.
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