Almost impossible till you get a 1099 K. My 1099K numbers were different from the method explained above. Even Report Pundit numbers were different. I hope 2024 is better.
Topic summary
Shopify merchants are frustrated about delayed 1099-K tax forms, which are legally due January 31st but won’t arrive until late February due to a company-approved extension.
Key Issues:
- S-Corp owners face particular hardship with March 15th filing deadlines, leaving minimal time for accountants to prepare returns
- Shopify support suggests merchants can calculate the needed figures themselves using store admin reports, but multiple users report these calculations produce significantly different numbers than the actual 1099-K forms
- Users attempted both recommended export methods (1099-K transactions and transactions-by-date) with inconsistent results
Merchant Concerns:
- CPAs typically require the actual 1099-K form to file taxes, not self-calculated estimates
- The discrepancy between Shopify’s calculation methods and final 1099-K figures creates uncertainty
- Poor proactive communication from Shopify about the delay
- This appears to be a recurring annual problem
Workaround:
Some merchants are preparing draft tax returns and waiting to insert the actual 1099-K figures before final submission, though this delays potential refunds.
Status: Discussion remains unresolved with ongoing complaints about accuracy and timing issues persisting into the following tax year.