Can Anyone Clarify the Revenue Card?

[wgcproductions]

Hi Everyone!

I've been on Fiverr for quite some time now and have always withdrawn using PayPal. Well, it's tax season here in the US and I received a 1099 from both Fiverr and PayPal. The problem here is that all of the Fiverr earnings are reported on PayPal's 1099 as well, so that makes declaring and separating out that income pretty complicated.

I'd like to move over to the Payoneer route. I've had an account with Payoneer for a while, it's connected to my Fiverr account - but every time I click direct deposit, it sends me back to using the "Fiverr Revenue Card" option. To me, everything I've read sounds like this is some sort of debit card? Or something that I can only use on Fiverr? I'm scared to even try it. I just want to withdraw to my Payoneer account so I can transfer the funds to my bank from there. Can anyone confirm what happens when you use the Revenue card option? Do the funds land in your Payoneer account and can then be transferred to your bank, or does it pool the money into some special prepaid mastercard that can only be used to shop around? I don't want the latter, but I've deleted the revenue card option, resubmitted for "direct deposit", and now the revenue card option is back. 

Maybe I'm overthinking it! Maybe not! Please let me know for those who regularly use this option!

Thanks!

[smartdezigns]

3 hours ago, wgcproductions said:

Hi Everyone!

I've been on Fiverr for quite some time now and have always withdrawn using PayPal. Well, it's tax season here in the US and I received a 1099 from both Fiverr and PayPal. The problem here is that all of the Fiverr earnings are reported on PayPal's 1099 as well, so that makes declaring and separating out that income pretty complicated.

I'd like to move over to the Payoneer route. I've had an account with Payoneer for a while, it's connected to my Fiverr account - but every time I click direct deposit, it sends me back to using the "Fiverr Revenue Card" option. To me, everything I've read sounds like this is some sort of debit card? Or something that I can only use on Fiverr? I'm scared to even try it. I just want to withdraw to my Payoneer account so I can transfer the funds to my bank from there. Can anyone confirm what happens when you use the Revenue card option? Do the funds land in your Payoneer account and can then be transferred to your bank, or does it pool the money into some special prepaid mastercard that can only be used to shop around? I don't want the latter, but I've deleted the revenue card option, resubmitted for "direct deposit", and now the revenue card option is back. 

Maybe I'm overthinking it! Maybe not! Please let me know for those who regularly use this option!

Thanks!

Hi too

Just a question for you: Have you added your bank account into Payoneer?

Revenue Card: Payoneer has its own card too.. For Revenue Card, you must have a Payoneer Card. With this, balance remains in the Payoneer account (not direct transfer to the bank account).. From there, you can use the funds for either online shopping purpose or can transfer the funds into bank account.. You'll have a choice.. 

Direct Deposit (Bank Transfer): It directly transfers the funds into your bank account (if it's attached into Payoneer). Does not stays in Payoneer like Revenue Card.. You might have not added your bank account in it.

[semperaye]

Did you ever figure this out?

I have a bank account in Payoneer, registered for direct deposit, and only have the Revenue card option when I click on "manage payout methods."

[lkwelsh]

I've been expecting my Fiverr 1099 to be "double reported" on Paypal this year as well...From what I can see with online chatter, you just have to deduct the "duplicate" amount on your expenses.  Personally, Paypal is just so much easier to handle both in speed of transactions and ease of moving from one place to another.  So I'll probably continue to use it, and just plan on having the extra step of subtracting the Fiverr amount lower down.

Here's the link to what I found that discusses duplicate reporting on the 1099K from Paypal:  https://ttlc.intuit.com/community/taxes/discussion/1099-nec-vs-1099-k-same-income-not-the-same-income-on-form/00/1936362

and an excerpt for those who would rather not click links:
 

Quote

the best way to do this is to report the forms and the adjustment in your business by following these steps:

 

1. Report the income as received in the COMMON INCOME section:
   1. Form 1099-NEC under Form 1099-NEC, new IRS form for nonemployee compensation (replaces 1099-MISC).
   2. Form 1099-K under Other self-employed income, includes 1099-K, cash, and checks.
2. Report the offset:
   1. Scroll down to EXPENSES and click in the lower left hand corner, Add expenses for this work
   2. Scroll to Other miscellaneous expenses select the toggle, scroll to the bottom of the page and click Continue.
   3. Enter a Description for your offsetting amount, such as Form 1099-K included in Form 1099-NEC reporting and Continue.