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-NoLongerValid- t1_j25acux wrote
Reply to What is the positive part about the 1099k requirements through 3rd party being delayed another year? by sprinklesnglitz
> How does 'not' getting the 1099k sent to you this year take a load off your shoulders?
The small time flippers get to cheat on their taxes for another year with no real way of getting caught. And more importantly the Average Joes that that use those services for stuff that doesn't generate any tax liability should have a way to designate such transactions one the guidance is issued.
-NoLongerValid- t1_iy4cgkz wrote
Reply to comment by Lobster_osity in Started saving for retirement this year-- my "historical returns" YTD say -8.97%, why am I putting this money here instead of a high yield savings account? by Lobster_osity
> What if when I retire the market is shit? > >
With any luck you'll have 15-30+ years after your retirement date to recover some of those losses. And, it will probably be wise to lower your exposure to the stock market as you get close to your target retirement date.
-NoLongerValid- t1_j25d2zr wrote
Reply to comment by sprinklesnglitz in What is the positive part about the 1099k requirements through 3rd party being delayed another year? by sprinklesnglitz
The 1099k is sent to both you, and the IRS. If you don't get a 1099, the IRS doesn't know about the income... If the IRS doesn't know about the income, they aren't going to know if you fail to declare it when you file; if you catch my drift.