I applied to redeem 1000 USD, it got accepted, and now I have 1000 USD in my creator wallet.
For payout to “Bank Card” and because I am registered as a small business they ask for an invoice.
Do I just write them an invoice for the 1000 USD and they pay me to my bank account?
" Business accounts are required to provide an invoice to MakerWorld when initiating a payout request. The invoice should be consistent with the actual bank account to which the funds are withdrawn. For details, please refer to the invoice sample."
From your name I wonder if you are german and referring to a small business as in Kleinunternehmer-Regelung. I’m in the same situation, and have withdrawn some money already.
If yes, you should have noticed a business account is also required to give them a VAT-ID, which small businesses in Germany don’t have usually (unless you are selling online). I was in contact with MakerWorld about it, and they told me I was allowed to withdraw as a personal account, since I’m except from VAT anyway.
Of course you still have to write an invoice to MakerWorld for your own accounting, even if you don’t need to send it to them.
And just to ruin your day, if you redeemed gift cards from MakerWorld in germany, that’s taxable income as well. Since you have to declare your tax for the cash withdrawals, it’s not that unlikely that you might get a tax audit, so you should properly declare everything.
I don’t know what else I can add to that. Receiving gift card for a service you provided to a business is considered income in many places. Especially because gift cards (under the conditions given by Bambu) are considered cash equivalent in many places. And that’s all I can say, I can impossibly speak for every country here.
I believe OP could be german (just like me), so I wanted to share what I believe to be the case here. And while I also haven’t seen a tax advisor, I really tried hard to prove me wrong, but it seems pretty clear here…
Thanks for providing that ChatGPT link, certainly eye-opening if true. I asked it a follow-on question:
My business runs a web site for the purpose of sharing 3d printer STL files. As an incentive to uploaders of popular files, we offer them points that they can later redeem for vouchers on our web store. Often they redeem the vouchers for things like 3D printers and filaments. I’d like us to comply with the US tax reporting requirements. Do we have an obligation to send any kind of form to our uploaders once they cross some dollar threshold of merchandise?
In the United States, your business has an obligation to send specific forms to uploaders if the value of the rewards they redeem crosses certain thresholds. Here are the details:
Reporting Requirements for Redeemable Points/Vouchers
Form 1099-MISC:
If the uploaders are individuals, and the value of the points or vouchers redeemed exceeds $600 in a calendar year, you are generally required to issue them a Form 1099-MISC.
The value reported should be the fair market value (FMV) of the redeemed items, such as gift cards, 3D printers, or filaments.
What Qualifies:
Points redeemed for merchandise (e.g., 3D printers or filament) are treated as income to the recipient and should be included if the threshold is exceeded.
Non-cash rewards (merchandise) are valued at their FMV for tax purposes.
Thresholds and Exceptions:
If an uploader redeems less than $600 in a year, you are not required to issue a 1099-MISC. However, uploaders are still responsible for reporting the income themselves.
Businesses or corporations receiving rewards typically do not require a 1099-MISC, as the rules apply primarily to individuals or sole proprietors.
Recordkeeping:
Maintain detailed records of points accrued, redeemed, and the FMV of items provided as rewards.
You will need the recipient’s name, address, and Taxpayer Identification Number (TIN) to issue a 1099-MISC. Use Form W-9 to collect this information from uploaders.
Deadlines:
Furnish Form 1099-MISC to recipients by January 31 of the following year.
File the form with the IRS (paper or electronic) by February 28 (paper) or March 31 (electronic).
Employee Uploaders:
If the uploader is your employee, the rewards may be treated as wages and subject to payroll tax reporting (reported on a W-2 instead of a 1099-MISC).
Recommendations for Compliance
Collect W-9 Forms: Ensure all uploaders who might cross the $600 threshold provide a completed W-9 form.
Track Redemptions: Use software to monitor the dollar value of points redeemed by each uploader.
Issue 1099-MISC Forms: If the value exceeds $600 in a year, send the appropriate forms to uploaders and the IRS.
Consult a Tax Professional: A tax advisor can help ensure compliance with state and federal regulations.
Let me know if you’d like help drafting communication templates for collecting W-9s or issuing 1099-MISC forms!
Exactly its under Kleinunternehmerregelung.
I have a VAT-ID, and a buisness bank account.
So I just write Makerworld an invoice for 1000 USD to withdraw 1000 USD from my maker wallet to my bank account?
Asked my tax guy about the gift cards, he said the same thing.
But if you order from bambu shop using gift cards they dont mention it anywhere on their invoice, the invoice just statest the full amount and that its payed, although I used 400€ of gift cards and payed like 5 bucks and shipping.
Bambu also say its your obligations to handle all the tax stuff, so they maybe dont report it. The makerworld income certificate 2024 doesnt mention any gift card withdrawls for me either.
why not just get the cards and sell the printer brand new in the box ? if i convert my points to cash i get 180us for example … thats 254$ cad, but if i get gift cards i get like 300$
I think 20% is a fair cut between giftcards and cash. Most likely thats close to the mark up of the bambu shop.
I dont think you would be able to sell brand new printers for 100% either.
