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I received my tax form (1099?) stating I had earned royalties last year. Problem is, it's wrong. They have me earning more last year than I have last year and this year! I also understand that while I earned it, I haven't received it yet as I haven't made that $50. threshold. I haven't made that much yet, so don't know if it's worth trying to get it changed, but it should be correct.
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All earned commissions are considered as taxable income by the IRS regardless of whether you transferred the payment to your bank account or not. If the sale took place in 2017, the commission earned is 2017 income. If you wait until this year to submit your payment request, the earnings will not be reflected as part of your 2018 taxable income.
Kind regards,
Mat Hayward
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Hello Mat,
In regard to the tax forms - what happens to non US tax residents? Will we be getting any tax forms 1042-s? If so, when will they be sent out and will they also be email or found on our Contributor account page?
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