Refunds + Taxes

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scottdunlap
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Posted Fri Mar 22, 2013 7:32AM

I had hundreds of dollars of refunds yesterday. Checking my stats page, it appears it isn't reflected there. I thought it was. So for tax purposes, it looks like you can't simply use the yearly earnings that are on the stats page as it doesn't include refunds.


I can't find anywhere in the CSV file that reflects refunds either. How does everyone else calculate their yearly earnings?
SteveDF
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Posted Fri Mar 22, 2013 9:46AM
Maybe this isn't right but I report the amount I have withdrawn in a year regardless of what my account balance is. If I have a DL on Dec 31,2012 but don't take anything out till sometime in Jan 2013, that goes on my 2013 taxes. Again, I can't guarantee that is correct but I've always done it that way.
scottdunlap
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Posted Fri Mar 22, 2013 10:45AM

I originally did it that way Steve, but then switched because: A) I could theoretically leave money in the account at the end of the year and not withdraw it, but really I've earned it. Seems like the 'correct' way to do it and one that the IRS wouldn't question. B) That means adding up all of my withdrawals. Come tax time I am usually scrambling, and it's extra work. I'm sure it's fine either way though.


Does anyone know of a place to see refunds, aside from adding up all of the emails we were sent? 
SteveDF
Member is a Silver contributor and has 2,500 - 9,999 Photo downloadsExclusive
Posted Fri Mar 22, 2013 11:20AM

Unfortunately I don't know of a way to see your refunds. That is one of the reasons I do it on withdrawals. I look at it like capital gains. You do not pay taxes on capital gains till you withdraw them. In this case iS tells me I have money but I haven't received it yet. And I find it very easy to get the withdrawals report. There is an Payouts Report under the Financials tab on the My Account page. I just print that out as my record. I only pull money out in even $500 increments so it is very easy for me to add up. But if you have a lot, then just copy the lines and paste them in Excel and let it add them up.


Anyway, I don't want to talk you into doing something you are not comfortable with. I am not a tax accountant and just barely trust myself. I don't expect anyone else to. But this has worked for me for several years now.


Good luck finding your data. If you find a refund list let us know.
kelvinjay
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Posted Fri Mar 22, 2013 11:31AM
As far as I know, there's no record of refunds other than the emails.

I've always done my tax based on withdrawals. Adding up the PayPal amounts isn't that much of a burden.

(Edited on 2013-03-22 11:31:29 by kelvinjay)
scottdunlap
Member is a Gold contributor and has 10,000 - 24,999 Photo downloadsMember is a contributor and has less than 250 Flash downloadsMember is a Diamond contributor and has 25,000 - 199,999 Illustration downloadsExclusiveExclusive iStockphoto IllustratorMember has had a submission accepted to the Designer Spotlight
Posted Fri Mar 22, 2013 11:43AM
OK, good to know I'm not missing anything. I will probably go back to using payouts since that seems to be the only way I'll be sure I'm not over reporting my income. With all the refunds, fraud stuff, etc. I'm worried I'll fail to catch something trying to track those separately.
cmannphoto
Member is a Gold contributor and has 10,000 - 24,999 Photo downloadsExclusive
Posted Fri Mar 22, 2013 11:50AM
I know years ago when I was getting a 1099 from Corbis the total shown was gross less the refunds.

As others have said here and from what I have read before, most people just count what they have requested for that year.
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