Form 1099-MISC Update (new for 2011 tax year, IRS section 6050W)
submitted on January 27, 2012 by YanBz in "Buxr Website / Contests"
It appears those of you who earned over $600 in prizes will not be receiving 1099-MISC this year from Buxr. IRS has changed regulations in such a way that payments made via Paypal and gift cards have now been excluded from 1099-MISC reporting.
You might however receive a 1099-K form from Paypal and/or Amazon instead (which you then use in your tax return). The changes affect Internal Revenue Code Section 6050W and have been enacted since January, 2011. Here are sources to go for additional information: