![]() If you accept payments on different platforms, you could get more than one Form 1099-K. Goods you sell, including personal items such as clothing or furniture.Whether or not you receive a Form 1099-K, you must still report any income on your tax return. However, they can send you a Form 1099-K with lower amounts. If your customers or clients pay you directly by credit, debit or gift card, you'll get a Form 1099-K from your payment processor or payment settlement entity, no matter how many payments you got or how much they were for.īack to top If you used a payment app or online marketplace and received over $20,000 from over 200 transactionsĪ payment app or online marketplace is required to send you a Form 1099-K if the payments you received for goods or services total over $20,000 from over 200 transactions. You should get Form 1099-K for these situations: If you take direct payment by credit or bank card for selling goods or providing services They must also send a copy to you by January 31. Payment card companies, payment apps and online marketplaces are required to fill out Form 1099-K and send it to the IRS each year. Personal payments from family and friends.Use Form 1099-K with other records to help you figure and report your taxable income when you file your tax return.ĭid you get a Form 1099-K? Find what to do with it. Payments you got from family and friends should not be reported on Form 1099-K. These organizations are required to fill out Form 1099K and send copies to the IRS and to you. Payment apps or online marketplaces, also called third party settlement organizations or TPSOs.Credit, debit or stored value cards such as gift cards (payment cards).If you get a Form 1099-K, find out what to do with it.įorm 1099-K is a report of payments you got for goods or services during the year from: The IRS is planning a threshold of $5,000 for tax year 2024. The $600 threshold for payment apps and online marketplaces to report payments on Form 1099-K is delayed for tax year 2023.
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