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ThredUP does a great job of sorting through items received from sellers to only resell those items in good or great condition. Final sale items are not returnabl Out of about 40 pieces only fifteen were chosen to list, the rest went to charity. . I have also attached photo of the tracking # of package being returned to Thredup. As a Coinbase.com customer, you'll receive a 1099 form if you pay US taxes and earn crypto income over $600. Please share your experience in the comments! Items purchased with thredUP store credits will always be refunded back as store credits If your ordered items don't look on you as you'd imagined, you can send them back for up to 14 days after the delivery date. Depending on what your local upcycling options are, you may earn more by bringing relatively high-end items to a Buffalo Exchange. Sometimes larger quantities are offered such as 50 lb or 100 lb boxes. As an employee, your employer will file a W-2 which reports your income and withholdings for Social Security FICA, Medicare, and more. Then, since I sent in some relatively high-end items using the Standard option, I waited to see if ThredUp would list or responsibly recycle them (I chose not to have them sent back if they weren't sold). This is the third time I've had this happen too.They just ignore your emails too easily. You might sell stocks at a profit, earn interest from an account, get dividends from a company, receive distributions from a retirement account, and more. To be accepted, they have to show no signs of wear (pilling, fading, shrinkage), damage, or alterations. When a 1099 form does not match a W-2 filed by the IRS, the IRS uses it to track payments. I would like ThredUP to restore my account, give me my $10 credit and allow me to use my new debit card for new orders. Only customers shipping to the 48 contiguous US states will have access to the pre-paid, pre-addressed shipping return label. Desired outcome: (see attached photo) Original order # XHP741U515K9 purchase delivered May 2022 (see attached photo). S-corporations and C-corporations do not need 1099s. I have had success selling tops and dresses for about $20 each (sometimes more, sometimes less) and have loved how easy Poshmark makes it to ship any items I have sold. As with the expedited processing fee, however, you may not make this money back. I would like my money sent via the paypal I have set up through their website. They paid me $37.40 (less than half of the money they earned) and they donated three of my items that were not high-quality enough to sell online. One shirt had scrapes another had outright tares. I purchased this box on July 5th. This is our story. When a company hires an employee, it files a W-2 with the IRS and shows information about the income paid to the employee, the amount of taxes withheld, and the benefits provided. Return Processed by Thred up May 31, 2022. Lisa Katz I checked the address and even walked to several neighbors homes. To be required to issue a 1099, the purpose of the payment must be for business or trade. Yes, I did have my bank investigate and was informed that Thred Up denied any of this happening. But what if you do handyman work for your neighbors business, Main Street Realty, LLC, and the business pays you $5,000? If, like me you tend to give away most of your unwanted clothes then this is a nice little gift for doing so. For instance I filled my bag with clothes Ive worn so much I was simply bored of them. Payments of less than $600 They probably will tell you they don't accept them and you won't get anything or if they do accept them you will get a few dollars. The main difference between an employee and an independent contractor is that one is a payroll worker, and the other is a non-payroll worker. Form 1099-MISC and Form 1099-NEC are similar but have one main difference. I really just want to know out of curiosity and for this post but I never received a reply. S-corporations and C-corporations do not need 1099s. Sellers send clothes directly to thredUP by the bagful, and buyers shop quality-checked items from over 35,000 brands at steep discounts. Does ThredUP still offer them? You might receive money as an independent contractor, dividends from stock you own, interest income, retirement income account payouts, or other non-employer payments. Giving them away to someone you know is really nice. While I was able to work with the Thred Up customer service to stop the sale and shipment of goods, I was NEVER refunded the money. But you still need to report the income on your self-employed tax return. Awful experience! What I dont like about ThredUp is the incredibly poor customer service. In general, ThredUp collects a higher commission on lower-priced items than it does on more premium items. I recently started selling my higher-value clothes and accessories on Poshmark and I have had far more success. The only outcome I would want is full refund in it's entirety. I was beyond stunned, and almost wish I checked the box to return it back to me. 2. thredUP keeps track of all incoming clothing to sell through their $10 Clean Out Kits. Returns 427. Like most chores that require sweating, rolling suitcases over uneven city concrete, and occasionally pleading with God to speed up time, I started to dread the trek. I resold all of my Stitch Fix clothes on my sale Instagram account: @MariaSellsThings, pulled a stack of non-Stitch Fix clothes that were in top-notch condition to sell on thredUPand donated the rest to the Salvation Army (you can see photos of what we donated in this blog post. A nerd and a perfectionist fall in love. Learn more here about payouts, and learn more here about selling luxury items. I would like my money back. Any unaccepted items (the things thredUP wouldn't be able to sell on-site) are shipped back to you (for $10.99) or responsibly recycled, according to the company. Although its fair to say if this is the grand sum I make from my huge bag of clothes then its more for charity than profit. ThredUp takes care of the rest Now as to WHO the beneficiary is of my charity, I cant tell so for that reason I wontsell on ThredUp again. Compare. You make a little and they take their cut for their hard work. You issue 1099s to vendors who do work for your business during the tax year. Inbox When you reimburse them for those expenses, it is not income, and you are not required to file a 1099. Like many clothing retailers, ThredUp saves some of its biggest deals of the year for Thanksgiving weekend (Black Friday to Cyber Monday). Benefits information above is provided anonymously by current and former thredUP employees, and may include a summary provided by the employer. There are quite a few exceptions but the most common is rent paid to a property manager, or any seller of merchandise, freight or storage. ThredUP currently ships to the United States and Canada, with no current plans to expand to additional countries at this time. Form 1099-R reports the distribution of $10 or more of retirement benefits from pensions, annuities, or other retirement plans. 2.) Id stick with Ebay for anything I sell in the future; Ive never gone wrong with them. UPDATE: its been close to 2 weeks and they say they have not received them. I added up the value of the five garments that had sold and thredUP earned $99.95 for those items (with one dress yet to sell). Monise S. I have been stashing away some of my better brand, lightly worn clothing for resale and was considering ThreadUp. The clue is in the title. Send any items that fit the current season and set non-season items aside to ship at a later time. Those are offered at a cheaper price per pound because you buy more at once. Return authorization #5043206 May 30, 2022. Required fields are marked *. determining whether someone is an employee or an independent contractor. You actually have to pay the site to accept your clothes. In this case: If a business that pays you doesn't issue a form 1099-misc, it's not your responsibility to make them follow the rules. this is very frustrating. Value 630. In any case if you know your stuff and do your research, you shouldnt get ripped off. Believe it or not this dress and likewise many other items were rejected by ThredUp. We operate independently from our advertising sales team. According to the company, item payouts range from 5% to 80% of the listing price, and higher-end brands get you a higher percentage of the payout. The Goody Boxes had the advantage of delivering free shipping and a bundle of clothes to kickstart a capsule or seasonal wardrobe. For a failure to issue a 1099-NEC or 1099-MISC, the IRS penalty varies from $50 to $270 per form. Does Robinhood supply a financial statement? For instance, if your item's selling price is from $5 to $19.99, your payout would be 5% to 15%, if it's within $20 to $49.99, the payout would be 15% to 30%, and the list goes on. "Hi Chanel, So at the end of the year, you'll send them a 1099-NEC tax form. Had a few others say the same xx. DO NOT SELL TO THREDUP. A 1099 for independent contractors has no employee benefits or employer contributions. Coinbase began submitting 1099 forms to the IRS and to individuals users in 2017. Terrible customer service I had to send emails to get refund sent back to my card and the first email string finally got answered but they didn't fix it. Form 1099-K Frequently Asked Questions. If it looks like you have to pay for a label, just search "Give Back Box print free shipping label" on Google or simply click here. Love this post MT, verrrry interesting. Not even $10 worth. For me, since my focus is largely on low-maintenance recycling, earning a few bucks here or there is just a bonus. Click here to get notifications about new complaints of thredUP. Despite these occasional fuck ups on pricing, overall ThredUp is a bargain hunters dream. Schedule the USPS or FEDEX to collect the bag free of charge or you can drop it at one of their locations if thats easier. For me this often includes clothes Ive purchased from Stitch Fix, items that still have a tag, or popular brands like Kate Spade, J Crew, Gap, or Kendra Scott. If thredUPopts to sell your item, you get a cut of the sale. It also reports your employer contributions to things like the Social Security tax. Source: thredUp. It's the contractor's responsibility to report their income and pay their taxes. If you choose partner credit as your payout option, you could earn an extra bonus for a limited time like a 20% bonus to Amour Vertor a 15% bonus to Reformation. To curate a thoughtful & cohesive wardrobe - where their clothes, shoes & handbags transcend any occasion or season. When I contacted support, after MUCH searching and run around to do so, I was told "I see that your return was refunded as thredUP credits because whoever created the return, selected thredUP credits as the preferred refund method." They were accepted and then instantly cancelled. When eligible items sell, cash out or get shopping credit. My name is Kathryn Goodfellow-78 Prospect Ave., Norwood, Mass. Id say its more of a charity than it claims. In the past, ThredUp has given discounts of as high as 55% off. Given the amount of textile waste, it sounds good in the sense that a) people can recycle textiles responsibly and easily and b) there's an opportunity to make more useful donations to charities. Refund Requirements: If you buy them, we get a small share of the revenue from the sale from our commerce partners. We inspect, photograph, list, and ship items for you. I sent emails and was told I would have to wait 7-10 days for a response. To keep this short, Thredup Inc at www.thredup.com is basically one the largest online resale platforms for women's and kids apparel, shoes, and accessories. If you paid an independent contractor more than $600 in a financial year, you'll need to complete a 1099-NEC. This has been over a week ago so I went through the process of contacting them again and was told that I had to keep waiting to hear from them. General. I'm sorry if I wasn't clear in my last email. In general, you do not issue a 1099 to a builder. If you use a barter network, you should receive one from them, also. And that dread led me down the rabbit hole of fantastic services that will essentially do all the legwork for you. We welcome your feedback. Out of everything sent, they took 5 items, and they were all shoes. PSA DO NOT, I repeat, DO NOT send clothes to ThredUp using their "clean out kit." I sent 20, TWENTY, pieces of quality clothing to them and it took a month and a half for them to process my bag and then give me a whopping THIRTY-FIVE CENTS, yea, $0.35, for these items. Read all about my experience with this secondhand fashion website here. Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities. thredUP . Return Completed - Status Bar Those platforms supply the required information to the IRS. I never received any emails from them as they stated they sent emails letting me know my money was being converted. For example, imagine you are a business that hires others to help provide your services. Which I received, however, although they are stamped on the bottom of the shoe as a Size 5 and it was listed as 5 in your on-line and on the bottom of the shoe. ThredUP's program is also unique in its flexible options. I returned some items and Thred up processed the return, minus restocking fees and contacted me via email of the return amount and successful receipt. Perhaps Im overly suspicious it simply does not up add up that so many of my garments werent accepted. Before you even think of shipping your clothes to thredUP, you need to come to terms with the fact that thredUP is a for-profit business. As you can see, the rules can be confusing - and sometimes far from clear cut. Glassdoor is your resource for information about thredUP benefits and perks. Which makes sense, because very few people will be shopping for a new winter coat in July. Return # 5043206 Havent heard of thredUp? email from Thred up of return processed: The IRS penalty for failing to issue a 1099 is now $250 per form. x, Julie | thismainlinelife.com, Yep Ebay is better for making money theres no doubt about it , Dang! Ive had good results from this in the past and its not as labour intensive as selling pieces individually. For example, imagine you are a business that hires others to help provide your services. There was an error submitting your subscription. The most popular ones sell out quickly. In that case, you are probably an independent contractor. Submit a complaint and get your issue resolved. We earn a small commission each time someone makes a purchase through one of our links, which helps to support the blog. Chanel Silva [protected]@verizon.net. Ive found some extraordinary bargains like these Escada baby cord velvet flares below. Theres one more thing you need to be aware of before you attempt to sell your clothes on thredUP. I wouldnt recommend it Anne. At the end of the day, filing for an LLC solely for tax reasons may not make sense for you the key benefit is on the legal liability front. Maybe you have an even better tip to turn your gently used clothes into cold, hard cash. Thanks for letting me know your comment didnt go through FT, I think theres a glitch. While I was able to work with the Thred Up customer service to stop the sale and shipment of goods, I was NEVER refunded the money. I smell a giant rat. However, you can choose to pay $10.99 for a return if you want the unsold items back. You can check out my Poshmark closet to see what Ive sold and the price Ive received for each item. Is this your company? Honestly though, if you just plan to donate your clothes, isnt it simpler to drop them off at your nearest Salvation Army, Goodwill, or other thrift store and collect the tax credit? As I mentioned earlier, I emailed them questions. A. When I asked them to provide me the email they sent - they went quiet. Even worse, your clothes will not automatically be returned to you if ThredUP does not accept them. I sent a $125 emails blouse and got $4 and Lululemon leggings I paid $128 plus tax for I got $6 - Ive entailed 2x there is no phone number - this company is a fraud - I need to get my designer items back ASAP There is no disclosure no follow up and I havent even gotten the $12 mailed to me for the two items sold so far- I need file a claim w BBB, Desired outcome: This will surely increase the credibility of your complaint. ThredUP has no customer service phone number and if you click on Chat and Email on their site, Chat never opens. I have contacted them via email 4 times and tried to rectify through my credit card company with no response. I went to cash out and was shocked to see my balance of over 1k had disappeared. Original shipping charge is not refunded when returning items However if you take the credit option its actually not bad at all because its a higher payment and the shopping is rather cheap. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Thanks for that love xx. As you can probably guess I posted some Instagram Stories before I sent my bag to ThredUp. I returned them the next day and was charged $2 each as a "restocking fee". A 1099-NEC lists how much money an independent contractor earned so they can pay taxes on that income. ThredUP's service is convenient in the way that it offers perks and options and does the heavy lifting for you. Suppose you are in business for yourself and provide services to other companies or people. But they take well over ten days to respond to my queries and complaints such as Why have you cancelled my orders and now they are blaming ME for it tho they know I never cancelled the orders, and I explained that I only disputed about $12 on the order with my old Chase account. Then again, thredUP might not be the gold mine that it sounds like. Promotions and discounts will not be reimbursed Suppose a business intentionally disregards the requirement of providing a correct payee statement. I basically mailed them 3 FULL boxes of clothes and shoes that were practically brand new or had tags. If youre like me and find yourself with a surplus of clothes from Stitch Fix that no longer suit your style, I highly recommend selling those items yourself in the Stitch Fix B/S/T Facebook groupthat has 50,000 members and is completely devoted to the buying, selling, and trading of Stitch Fix clothes. Get $10 when you try ThredUp for the first time! ThredUp takes care of the photos, the selling, and the shipping. At the end of each year, it is the employer's responsibility to provide a completed 1099 form to the person they pay. This takes you to a page where you can either sell or donate your clothes. If you are self-employed and provide services of at least $600 to a business during the year, you should receive Form 1099-NEC. I want the remainder of my items back that they have- they even charged me 9.95 to send stuff back but will not answer emails or return items - no disclosures no phone number, ThredUp terminated my account out of the blue for an order that I disputed in a prior bank account. When you pay a corporation, you are not required to send it a 1099. When a lender cancels your debt, you no longer owe any money to the lender. They paid pennies for them, did not return some of my items when I paid $10.99 to have them returned and now I find out that they gave away my Hunter rain boots when I specified I wanted them back. In April 2022 I made two orders with ThredUP using my new debit card number. You can send items to sell, opt to have them recycledor rerouted back to you if they're not accepted, or have the company donate $5 per bag to a charity if you use just their Donation Kit. When corporations undergo substantial change or ownership control, sometimes, they send the stockholders cash, stock, or other property as part of the restructuring. The Sloth. And LLC earnings will be subject to self-employment tax. Im sure they will be relisting the defective pair as well so as to sell to another sucker, assuming I ever do get the email. Verrrrry interesting. For a failure to issue a 1099-NEC or 1099-MISC, the IRS penalty varies from $50 to $270 per form. This suggests a possible upside of 227.3% from the stock's current price. Who knows? However, THEY ARE Like most of the complaints before me , I also never received a refund for a dress I purchased. Sign up for our newsletter to get the latest on the culture & business of sustainability delivered weekly to your inbox. The men's rescue box is $50 for a 10 lb box.