Check your Tax Document Library.
Amazon sent an email overnight to notify me that the form was available.
2 Likes
Thank you for the heads up @SallyAnne !
1 Like
And I see that once again, Amazon is including in the gross amount the sales tax collected under Marketplace Facilitator laws; which I don’t think any of the other online marketplaces include.
So be sure to deduct it on your Schedule C.
2 Likes
Absolutely! I do every year. I’m not giving Uncle Sam (or Joe or Don or whoever is running things) any more money than I am legally required to.
2 Likes
They also, of course, include amounts taken by their referral fee + all FBA costs/fees.
What I do is look at the difference between the 1099 and the amounts actually deposited to figure out how much to deduct for Amazon/FBA fees.
That’s pretty normal; in fact, I think that is the requirement, and all marketplaces do that.
But simply figuring out that difference is not going to break it down properly; since the sales tax amount will also be in there, and that is technically not an Amazon fee. You should also report your shipping amounts in their own category (of course, lumping it all together will give the same bottom line, but an auditor might be more likely to question it).
Easy enough to run the reports to get the numbers for the fees, etc.
2 Likes
I’m looking at my past returns, my accountant’s always just put that number into “sales expense.” That broadly does describe the expense though there are more specific categories that could apply.
There’s one for “postage,” but I don’t think FBA fees are postage, technically that’s a fulfillment fee.
1 Like
Yeah, if you’re using only FBA, then you aren’t being charged shipping fees. But FBM sellers who buy shipping from Amazon see shipping fees deducted from Amazon payouts.
But you DO pay shipping to get the products to FBA.
It all comes out in the wash; but I prefer to fill in the details in case there is any question later.
2 Likes
The 1099k gross is the total charged to the buyers as it is required to be; since the sales tax, fees, etc are all part of the total transaction they are included.
You or your accountant deduct them as expenses of the sale.
IRS: Form 1099-K is a report of payments you got for goods or services during the year from: Credit, debit or stored value cards such as gift cards (payment cards)
1 Like
2024 same spot
2 Likes
A great report to run for Amazon annual info is “All Unified Reports” → Date Range Summary Report
Here’s the path since it always takes me 30 mins to find this stupid thing…:
Payments → Payments → Click Reports Repository (newly moved here) → see below
It takes some time to run but doesn’t seem to complete on its own - stays “In Progress” but if you click "refresh while it’s running for a bit, it will change to “Ready”.
You do get a nice one-pager of the account for the year.
3 Likes
Where is says Transaction … change it to Summary to get the one-page Summary for a year with the date range 01/01/2024 - 12/31/2024.
If you do Transaction, it will list every transaction you had during the year and will be a very very long report.
We pull this report as a Summary for monthly, quarterly and yearly amounts.
3 Likes
Just curious tho…if it gives us each and every transaction we can run pivot tables no? And the summary totals are each transaction type? so liquidations would be a summary, sales would be a summary, returns would be a summary?
2 Likes
YES… My bad. I had already run this and for the screenshot I made a mistake.
Too Late to edit
3 Likes
Summary = pdf
Transaction = csv
4 Likes
Yes …
3 Likes