For anyone else who comes across this problem, once you click "inventory ledger," select download at the top, then monthly under "aggregate report by time period," then "specific months" under date range, then Dec 1st for the from date and Dec 1st for the to date. It will give you the whole month of December. It took me about an hour to get the correct numbers, so paying it forward here.
@@walkinfaithnotbysight Thank you and Nikki for this help. I am following your instructions and I get this busy report that I can't read. Do I have to somehow convert it to simplify the reading of the report? The report I got looks nothing like Nikki's. Can you please help me?
This video is GOLD, finally a video shown how to see all your tax info in depth, step by step. Im 15 yr old and started selling on amz, and was worrying about wth taxes are lol thank you for this!!.
This... is everything I needed to hear today to calm my nerves. Thank you for posting this. I normally do TurboTax for my personal taxes and this is my first year selling on Amazon. I've been looking for Amazon/E-Commerce specific CPAs and have been stressing out lol. Oy. Also I've been looking into Bench and QB/A2x to do my taxes. Question: I sell on Amazon via FBA instead of RA. First time selling last year... Would all these steps be more or less the same for me or would processing FBA forms / fees be different than RA? Thanks again from a clueless Amazon seller noob!!
Great video! This answers a lot of questions. I know I'll need to set aside approx. 30% for taxes. What I don't know is it 30% of the total sale or 30% of my net after Amazon takes their fees.
This is great! I do have a question. I've been so confused as I'm selling on Amazon not as business but as an Individual (using my name and personal bank account). How do I declare the Amazon Income on my tax? Should I go and declare it as personal income? What will happen after that? As much as possible, I do not want to register as business as my product is really not doing well now. (private label) Thank you for your insights!
Can you do an up to date video of all this. Amazon switches everything up so much its like Jeff forgets that if it was not for the sellers he would be eating out of a trash can. Thank You
Hey Nikki, i do need your help regarding income tax 1099K which i received. My question my LLC registered as non US resident base on form SS-4 and form 8821. Do i need to report income tax and pay the tax. And what if not reported nd not paid income tax does it effect my account? Does amazon will suspend or deactivate my account? Would be aporeciated your explained reply i am so confuse as it is my first year of tax reporting and i am not understanding anything!!!😒
it means you didn't meet the threshold, I'm in the same boat. They recently postponed the $600 threshold so for now it's still $20k in sales to get a 1099k.
New FBA seller here! Thank you so much for the tax help! I was really stressing. Quick question. I've been reading about quarterly taxes. Is that something we need to worry about as well?
If you download your monthly inventory history for the entire month of December, won't it give you the inventory you had for the entire month? I downloaded the report as you suggested for the month of December and saw that an item I only had one of was on that report, but I know I sold it early-mid December, so it shouldn't be reported as unsold inventory. Thoughts?
Just curious, if you are setting the cost of goods in inventory on sellerboard, why not get your end of year inventory report from there as it calculates COG X inventory. This is also really nice if your COG is adjustable over time because you might of had a replenishable where the COG had changed over time. Thoughts on this?
Hello, I don't see a 1099k in tax document library why is that? I got over 200 transaction and it's over $600. Do you know why I didn't receive a 1099k? It's a silly question. I am worry. This is my 1st tax return. Thank yo u
Newb question but do you change your sku depending on if you source the same item from somewhere else or get it for a different price? And if so does that complicate your inventory?
Good morning hope all is going well. They postponed the 1099K $600.00 threshold until next year 2024. Does not mean you should not report it as I report any income but just wanted to give you a heads up. Dont be surprised if the amount of $600.00 changes next year also. Its a rumor right now. You may have recorded this earlier as this just changed about a month ago.
I'm sorry I'm still not used to this being new and all I got over 200 transportations but I didn't meet the 20k mark does that mean I don't have to report I'm from Kansas thank you nikki
There was a last minute change that postponed the $600 Federal 1099K threshold. Some states already have a $600/$1000 threshold ~ so those folks should have gotten one, but everyone else is subject to the $20K and 200 transactions threshold. (You are still supposed to file, even without the 1099K though.)
@@pj3998 for the 2022 tax year it was $20k. For 2023 we won’t know until the end of the year, they have said it will be $600 but they also said that for 2022 and changed at the last minute
About 2 weeks ago I got notification from Amazon that the $600 is no longer the threshold according to the IRS and that they are back to the $20,000. Did that change again?
I filmed this before 12/23 and didn’t realize they changed it back at the last minute. So you defiantly want to pull the reports for taxes if you don’t have the $20k sales hit this year
So they consolidated everything to the inventory ledger and the monthly inventory history tab is no longer there anymore. Any idea how to pull the december end of the year report?
Nikki, Great video. Thanks! In the annual financial summary, it shows the sales tax that Amazon collected and paid on my behalf. Do you know if that amount is included in the 1099K they sent me? I need to know so I can deduct it as an expense in my taxes.
@@AmmerSlammerSo are you deducting the sales tax you paid when you purchased the items? Is this because you didn’t register for a sales tax permit? I’m in the same boat and couldn’t figure out how to not pay for them twice.
@@ashleyduckham1224 No, that was not my question. I was simply wondering if the sales tax that Amazon collects on our behalf is included in the Gross Sales amount in box 1a on the 1099-K received from Amazon. I discovered that it is actually included and when you do your taxes, you should deduct the sales tax Amazon collects on your behalf as an expense. That amount can be found in the Amazon financial summary, in the tax section. It is the total of all the credits.
@@AmericanEnglishwithSofia-cu1nf it’s in your payments area, its called payments repository now. There isn’t anything needed this year but the new video will be out in a few weeks for 2024!
The amount paid to you might match. I pulled in jan so I can’t recall but it doesn’t really matter because you are doing your taxes based on your business expenses and payouts not what Amazon says on the 1099. Like I said they messed mine up one year and it doesn’t matter cause I have quickbooks with real numbers
I am not a tax professional but there’s a reason you need to know your on hand stock. I know I give to my tax person and I had to use it for turbo tax when I did my own taxes
From what I understand, you can write-off the cost of items you have sold, cannot write-off inventory, that is for something else. you do have to report it as she says though. for myself i keep a spreadsheet with all my cost of items sold and add up at end of year.
Hello! A Quick question! I m a new seller and now i have to file quarterly tax via internet filing, The tax will be on that amount which Amazon transfers me after cutting all their expenses??
of course I waited till last minute to get these done so im not expecting an answer lol however, if anybody might know, is inventory valuation report only for FBA related products? Do we add our unsold FBM inventory to the FBA total provided?
Pulled my Date range report summary for 2022 and the expenses+transfers is not equal to the income. Can you explain what the missing money would be noted as? Thanks
I don’t think anything will equal anything on this. It’s just used to see all the fees and commissions, shipping etc you paid as you itemize your return
@@NikkiKirk When I add the expense and transfer sections up, theres about 6k that is not accounted for comparing to the income listed. I'm not sure how I should file the remainder 6k that doesn't have a category.
@@robertsmith8132 I don’t use what Amazon has as far as my “income” even their 1099 has been wrong for me in the past. I use my outside accounting so what money I spent and I got etc all is tracked in QB.
It’s been a few years since I did them myself but in turbo tax it told you which box to enter what in and then you have that (which I believe is the whole amount) and then you take all your deductions after that
You might not have qualified, they changed it last minute back to $20k in sales. Pull the other report I mention in the video and you should have what you need for taxes
Love your content and your attitude. Im looking into starting FBA partnership with my mom. We make a great team and we have been watching you for hours tonite! 😊. I would love to hear about your private groups. If you can pm me i can send u my email. Thanks again for the great content
Help!!! "Monthly inventory history" is no longer there!!! Do you know how to get the report now?
It’s the first report under fulfillment reports and inventory it’s called inventory ledger now
@Nikki Kirk Holy cow, you just diffused a bomb. Thank you so much for the quick reply!! This is what I get for waiting so long this year.
For anyone else who comes across this problem, once you click "inventory ledger," select download at the top, then monthly under "aggregate report by time period," then "specific months" under date range, then Dec 1st for the from date and Dec 1st for the to date. It will give you the whole month of December. It took me about an hour to get the correct numbers, so paying it forward here.
@@walkinfaithnotbysight Thank you and Nikki for this help. I am following your instructions and I get this busy report that I can't read. Do I have to somehow convert it to simplify the reading of the report? The report I got looks nothing like Nikki's. Can you please help me?
@@walkinfaithnotbysight you are a hero for this thank you!
This video is GOLD, finally a video shown how to see all your tax info in depth, step by step. Im 15 yr old and started selling on amz, and was worrying about wth taxes are lol thank you for this!!.
Hey! I don’t know you, but I’m super impressed & proud of you for selling on Amazon at such a young age. Keep it up, you’re gonna do great things ❤
love going back to this video for reference. thank you!
Just what I needed! I know what i need to include in my taxes but had no idea how to pull the right info from amazon
This... is everything I needed to hear today to calm my nerves. Thank you for posting this. I normally do TurboTax for my personal taxes and this is my first year selling on Amazon. I've been looking for Amazon/E-Commerce specific CPAs and have been stressing out lol. Oy. Also I've been looking into Bench and QB/A2x to do my taxes.
Question: I sell on Amazon via FBA instead of RA. First time selling last year... Would all these steps be more or less the same for me or would processing FBA forms / fees be different than RA? Thanks again from a clueless Amazon seller noob!!
Great video! This answers a lot of questions.
I know I'll need to set aside approx. 30% for taxes. What I don't know is it 30% of the total sale or 30% of my net after Amazon takes their fees.
Date Range tab is not an option on Payments Dashboard
This is really helpful!! Thank you! Your videos are always great!!
Thank you!!
Thank you so much. My first year selling and worried about taxes. This video is so helpful!
@@fernandapazmino4372 awesome! It’s not so bad once you get to doing it
Didn’t get a 1099 from Amazon. Only did $15k in sales for 2023. How to I report this with turbo?
thats my question
This is great! I do have a question. I've been so confused as I'm selling on Amazon not as business but as an Individual (using my name and personal bank account). How do I declare the Amazon Income on my tax? Should I go and declare it as personal income? What will happen after that? As much as possible, I do not want to register as business as my product is really not doing well now. (private label) Thank you for your insights!
Thank you for this video! Very helpful!
Monthly Inventory History no longer exists.
THIS IS GOOOOLD
I clicked show more and I do not have a Monthly Inventory History Report. Is there another way to find it?
It’s the first report under fulfillment reports and inventory it’s called inventory ledger now
this really came in clutch
Do we have to download the report on Cannada and Mexico Markets too?
Hi! There is no more option for a monthly report for excess inventory. Any idea how to generate the report?
Can you do an up to date video of all this. Amazon switches everything up so much its like Jeff forgets that if it was not for the sellers he would be eating out of a trash can. Thank You
It’ll be out this Sunday!
This was gold!!!
I don’t know if things have changed! But I cannot find the monthly inventory report!! Did Amazon move it? Would it be called something else?
Yes it’s called inventory ledger now 🙃
Didnt know i can claim miles. If i have no proof should i skip?
What is the turbo tax business code for Amazon FBA seller?
Great content. Thank you for sharing. Did you have to pay state income taxes due to having inventory in Amazon FBA warehouses in various states?
Hey Nikki, i do need your help regarding income tax 1099K which i received. My question my LLC registered as non US resident base on form SS-4 and form 8821. Do i need to report income tax and pay the tax. And what if not reported nd not paid income tax does it effect my account? Does amazon will suspend or deactivate my account?
Would be aporeciated your explained reply i am so confuse as it is my first year of tax reporting and i am not understanding anything!!!😒
I don't see a 1099k in tax document library why is that?
it means you didn't meet the threshold, I'm in the same boat. They recently postponed the $600 threshold so for now it's still $20k in sales to get a 1099k.
New FBA seller here! Thank you so much for the tax help! I was really stressing. Quick question. I've been reading about quarterly taxes. Is that something we need to worry about as well?
I would ask an accountant but I’ve not had to pay quarterly
If you download your monthly inventory history for the entire month of December, won't it give you the inventory you had for the entire month? I downloaded the report as you suggested for the month of December and saw that an item I only had one of was on that report, but I know I sold it early-mid December, so it shouldn't be reported as unsold inventory. Thoughts?
I wondered the same thing!
So we need to use quickbooks to keep uo witv all expenses and then file on turbo tax
Just curious, if you are setting the cost of goods in inventory on sellerboard, why not get your end of year inventory report from there as it calculates COG X inventory. This is also really nice if your COG is adjustable over time because you might of had a replenishable where the COG had changed over time. Thoughts on this?
I’ve always just pulled my tax reports from Amazon and then my accountant had access to my quickbooks.
Hello, I don't see a 1099k in tax document library why is that? I got over 200 transaction and it's over $600. Do you know why I didn't receive a 1099k? It's a silly question. I am worry. This is my 1st tax return. Thank yo u
Need info to pull reports.
Thanks
I don't see the Monthly Inventory History. Has that been replaced?
It’s called inventory ledger now it’s the first thing in the inventory reporting area!
Noob question... Are returns already deducted from my 1099k?
Newb question but do you change your sku depending on if you source the same item from somewhere else or get it for a different price? And if so does that complicate your inventory?
Good morning hope all is going well. They postponed the 1099K $600.00 threshold until next year 2024. Does not mean you should not report it as I report any income but just wanted to give you a heads up. Dont be surprised if the amount of $600.00 changes next year also. Its a rumor right now. You may have recorded this earlier as this just changed about a month ago.
Wow you’re right. On 12/23 they said it’ll be a transition year lol talk about last minute!
Wow you’re right. On 12/23 they said it’ll be a transition year lol talk about last minute!
I'm sorry I'm still not used to this being new and all I got over 200 transportations but I didn't meet the 20k mark does that mean I don't have to report I'm from Kansas thank you nikki
@@shrekgoesra1834 you have to report all income over $600 to the IRS (again I’m not a tax professional so I would contact someone who is)
@@NikkiKirk okay thank you ma'am
So you should put the transfer amount in turbo tax?
My inventory report didnt pull my custom fnskus, any advice?
Hello,
This is the first fiscal year I have been selling on Amazon (going a bit slowly); I don't see a 1099k. FBA sales are showing 700.13 in summary
There was a last minute change that postponed the $600 Federal 1099K threshold. Some states already have a $600/$1000 threshold ~ so those folks should have gotten one, but everyone else is subject to the $20K and 200 transactions threshold.
(You are still supposed to file, even without the 1099K though.)
Is it 600 or $20,000 for a 1099K to be required in tax year 2023?
I have seen both on different sites and even on the IRS website!
They changed it at the last minute for 2022. We will have to see if it changes again for 2023
@@NikkiKirk So what is it for 2023?
@@pj3998 for the 2022 tax year it was $20k. For 2023 we won’t know until the end of the year, they have said it will be $600 but they also said that for 2022 and changed at the last minute
About 2 weeks ago I got notification from Amazon that the $600 is no longer the threshold according to the IRS and that they are back to the $20,000. Did that change again?
I filmed this before 12/23 and didn’t realize they changed it back at the last minute. So you defiantly want to pull the reports for taxes if you don’t have the $20k sales hit this year
I got the same notice, yah, use reports
You don't collect sales tax, do you? Amazon takes care of collecting and remitting it.
Correct, I don’t because Amazon does it
@@NikkiKirk Thank you! Your time was appreciated
@NikkiKirk thank you for all the great information. I wonder why your seller page is set up differently from mine? Example payments has is own tab.
So they consolidated everything to the inventory ledger and the monthly inventory history tab is no longer there anymore. Any idea how to pull the december end of the year report?
I'm running into the same dilemma. That'll teach me for not pulling the info immediately when the video came out. T_T
@@caitparkerart Right! But who knew they were gonna change it too!
Pull the same way. Set the beginning and end date both to the last day of the year and run report.
Nikki, Great video. Thanks! In the annual financial summary, it shows the sales tax that Amazon collected and paid on my behalf. Do you know if that amount is included in the 1099K they sent me? I need to know so I can deduct it as an expense in my taxes.
I am wondering the same
Sales tax collected by Amazon IS on the Amazon 1099K. HTH
@@Christina-mv2lm Perfect. Thanks! Now I will be sure to dedudct that amount as an expense on my taxes.
@@AmmerSlammerSo are you deducting the sales tax you paid when you purchased the items? Is this because you didn’t register for a sales tax permit? I’m in the same boat and couldn’t figure out how to not pay for them twice.
@@ashleyduckham1224 No, that was not my question. I was simply wondering if the sales tax that Amazon collects on our behalf is included in the Gross Sales amount in box 1a on the 1099-K received from Amazon. I discovered that it is actually included and when you do your taxes, you should deduct the sales tax Amazon collects on your behalf as an expense. That amount can be found in the Amazon financial summary, in the tax section. It is the total of all the credits.
Would you be willing to make an updated version for this coming year
Yep! It’ll be out in January!
You're the best!@@NikkiKirk
There is no more PAYMENTS under Reports :( How can I get the payments pdf summary for the whole year? Thank you!! @@NikkiKirk
@@AmericanEnglishwithSofia-cu1nf it’s in your payments area, its called payments repository now. There isn’t anything needed this year but the new video will be out in a few weeks for 2024!
Are any of the numbers on the date range expense report suppose to match any of the numbers on the 1099K?
The amount paid to you might match. I pulled in jan so I can’t recall but it doesn’t really matter because you are doing your taxes based on your business expenses and payouts not what Amazon says on the 1099. Like I said they messed mine up one year and it doesn’t matter cause I have quickbooks with real numbers
I thought you could write off all thr inventory purchased that year, not just what sold?
I am not a tax professional but there’s a reason you need to know your on hand stock. I know I give to my tax person and I had to use it for turbo tax when I did my own taxes
From what I understand, you can write-off the cost of items you have sold, cannot write-off inventory, that is for something else. you do have to report it as she says though. for myself i keep a spreadsheet with all my cost of items sold and add up at end of year.
@@NikkiKirk even stuff thats not at amazon too right? like stuff for FBM/ebay
@@Matthewpat yes
Hello! A Quick question! I m a new seller and now i have to file quarterly tax via internet filing, The tax will be on that amount which Amazon transfers me after cutting all their expenses??
There’s a few taxes that maybe quarterly, income or sales. I would definitely reach out to a tax professional!
Sorry can't find the month inventory history to print the report did they change that how do I find it? Thank you
They discontinued it Jan 31 2023. Now use the Inventory Ledger.
Thank you Lindsay
Sorry but can you tell me how to run the report from inventory ledger that we need to do our taxes? I'm still confused thank you!
@@lindseyhummel3652 Thank you for this response. I freaked out for a minute!
@@alyssashea2190 I just check how on RUclips!
of course I waited till last minute to get these done so im not expecting an answer lol however, if anybody might know, is inventory valuation report only for FBA related products? Do we add our unsold FBM inventory to the FBA total provided?
I believe you should yes. For your total what was on hand at the end of 2022
@@NikkiKirk you're awesome, thanks for the quick response!! Live saver
Pulled my Date range report summary for 2022 and the expenses+transfers is not equal to the income. Can you explain what the missing money would be noted as? Thanks
I don’t think anything will equal anything on this. It’s just used to see all the fees and commissions, shipping etc you paid as you itemize your return
@@NikkiKirk When I add the expense and transfer sections up, theres about 6k that is not accounted for comparing to the income listed. I'm not sure how I should file the remainder 6k that doesn't have a category.
@@robertsmith8132 I don’t use what Amazon has as far as my “income” even their 1099 has been wrong for me in the past. I use my outside accounting so what money I spent and I got etc all is tracked in QB.
So do you report 1099K box 1 amount as income or do you use "transfers" amount as your income from Amazon reports?
It’s been a few years since I did them myself but in turbo tax it told you which box to enter what in and then you have that (which I believe is the whole amount) and then you take all your deductions after that
@@NikkiKirk Thank you, totally make sense!
hi its February 1st and I still haven't gotten my 1099k
You might not have qualified, they changed it last minute back to $20k in sales. Pull the other report I mention in the video and you should have what you need for taxes
@@NikkiKirk Thank you
Just show me. There is no need to be buried in a 15-minute video for a 5-second worth of content. Jump to 5:12 if you want to know.
Love your content and your attitude. Im looking into starting FBA partnership with my mom. We make a great team and we have been watching you for hours tonite! 😊. I would love to hear about your private groups. If you can pm me i can send u my email. Thanks again for the great content
Didnt know i can claim miles. If i have no proof should i skip?