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Thread: My 1099 report.


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Permlink Replies: 8 - Pages: 1 - Last Post: Feb 29, 2016 3:06 AM Last Post By: cub06h
Robert M. Hende...

Posts: 1
Registered: 02/01/16
My 1099 report.
Posted: Feb 4, 2016 10:21 AM
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Where in the world did you get $13.63 as my payments for 2015 ?
I calculate $3941.62 based on payments to my bank account.
So I go on record as NOT agreeing with your report. Please respond.
Regards,
Robert M. Henderson
Donna St Felix

Posts: 5,465
Registered: 09/18/13
Re: My 1099 report.
Posted: Feb 4, 2016 10:36 AM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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Robert M. Henderson wrote:
Where in the world did you get $13.63 as my payments for 2015 ?
I calculate $3941.62 based on payments to my bank account.
So I go on record as NOT agreeing with your report. Please respond.

That is good - but this is a forum for authors.
You need to contact customer service at the bottom right of this screen.
Notjohn

Posts: 22,998
Registered: 02/27/13
Re: My 1099 report.
Posted: Feb 4, 2016 12:59 PM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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I'll respond!

I have eleven KDP 1099s, three Createspace 1099s, and one from Amazon Associates (the latter four arrived by mail, and I think I got three KDP duplicates by mail). Are you sure you got them all?

Good luck! -- NJ

The book: Notjohn's Guide to Kindle Publishing 2016 (now in KU)

The blog: Notjohn's KDP Guide
harleysachs

Posts: 19
Registered: 01/24/11
Re: My 1099 report.
Posted: Feb 6, 2016 7:55 AM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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Apparently Amazon sends 1099 reflecting paperback royalties and no ebook royalties. I ignore the 1099 number and declare what was deposited into our company account. I have no need to lie to the IRS and use the minimalist Amazon 1099 number. Even if we had income over $500 in royalties there's no self-employment tax as royalties are like rent and, paid into our corporation, are not wages.,
Ralph E Vaughan

Posts: 3,116
Registered: 12/01/12
Re: My 1099 report.
Posted: Feb 6, 2016 12:40 PM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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Perhaps you should download all your 1099s. Then, if you still have questions, you can use the "Contact Us" button at the bottom of any page. That will put you into contact with KDP, where you can shout against the heavens all you want.
Ralph E Vaughan

Posts: 3,116
Registered: 12/01/12
Re: My 1099 report.
Posted: Feb 6, 2016 12:53 PM   in response to: harleysachs in response to: harleysachs
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@harleysachs

If you did even a little research, you'd know that CreateSpace and KDP are separate companies. Not only will you receive 1099s separately from the two companies, but you will receive a separate 1099 for each national platform in which you had sales. Good luck on that whole ignoring-your-1099s thing.
gwhitmore1

Posts: 6
Registered: 01/03/10
Re: My 1099 report.
Posted: Feb 14, 2016 12:19 PM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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I had a situation where I downloaded 8 1099-MISC forms from my KDP account and it reflected one amount. Amazon sent me two 1099-MISC forms and that amount was lower than the 8 1099 forms I downloaded from my account. I checked my bank account and the deposits for 2015 was even lower than the two 1099 forms. I checked my payment history and I'm seeing 31 payments that were never deposited into my bank account.

I'm trying to set up a meeting with my bank to see what happened. So where did those missing 31 payments go? If for some reason it was rejected by my bank, Amazon never told me.

I didn't have any issues during the past couple of years.

I used the Contact Us with Amazon and they never addressed my concern.

Maybe it's time people request that the IRS conduct an audit on Amazon KDP? I'm seeing more authors in this Community area complaining of not receiving payments.

UPDATE: My bank was the culprit. They for years had my deposits labeled as "AmazonEU, etc" for in 2015 for some strange reason they labeled them as "Account Transaction" so it was easy to think the royalties were not deposited.

Edited by: gwhitmore1 on Feb 16, 2016 1:42 PM
xgman

Posts: 130
Registered: 10/17/11
Re: My 1099 report.
Posted: Feb 28, 2016 3:11 PM   in response to: Robert M. Hende... in response to: Robert M. Hende...
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I've always found a slight discrepancy between the 1099 amounts and the actual deposits to my bank. I complained the first year and eventually got a response. The 1099 number was slightly higher than the deposit so I thought I was not getting amounts due me. The explanation had to do with conversion of foreign currencies. Apparently there is some sort of fee that is taken out before the royalties are deposited in the author's account, so he or she never sees it, but the IRS considers the original gross amount income and the conversion fee a cost of doing business. The first year that happened I put a deduction for that fee (i.e. the difference) in my Schedule C. This year the difference is 1.7% of my deposited royalties. I am reluctant to deduct it since there is no documented entry for that in any records I receive from Amazon. It would be difficult to explain and prove to the IRS. With my modest sales and relatively low tax bracket, I don't think it's worth the risk of triggering an audit, so I probably won't include it.
cub06h

Posts: 3,186
Registered: 11/23/07
Re: My 1099 report.
Posted: Feb 29, 2016 2:56 AM   in response to: harleysachs in response to: harleysachs
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Even if we had income over $500 in royalties there's no self-employment tax as royalties are like rent and, paid into our corporation, are not wages.,

Book royalties are self-employment income and must be reported on Schedule C, on which FICA (SS tax etc) is levied if the net amount is $400 or more).

If you earned less than $400 and don't want to deduct business expenses, it's safe to report it as Other Income on LIne 21 of Form 1040.

If you receive too little to be taxed (that amount varies) and the amount is under $400, it's safe to ignore it, but if it's $400 or more, you MUST file an income tax return and the self-employment schedule for FICA. You should do this even if no FICA tax is due.
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