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1099 reporting of customer refunds
May 30, 2024
Q. If we issue a refund to a customer are we required to send them a 1099, assuming the refund is over the $600 threshold? If we issue a refund to a foreign customer must we obtain a W-8?
The current refund in question is for a duplicate payment. We have also had to refund customers for credit balances on their accounts for various reasons, such as chargebacks for defective product.
A.
(Answered by IOFM's third-party tax experts)
A taxpayer generally is not required to include in gross income a…
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