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The IRS has delayed the 1099-K reporting requirements for tax year 2022 and 2023 (see IR-2023-221)
Beginning with tax year 2024, individuals who receive $5,000 or more through a third party network transaction will receive Form 1099-K
This includes apps such as Venmo, Uber, Lyft, Cash App, PayPal, E-bay, etc.
Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services
2024 will be treated as a “phase-in year” this means that following 2025 we can anticipate the $600 threshold to take effect In 2025 taxpayers will receive a 1099-K for transactions totaling over $2,500
If taxpayer receives an incorrect 1099-K, they must contact the issuer, not the IRS
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For a full list of limits and dollar amounts adjusted for inflation in tax year 2024, refer to the Tax Toolkit. |
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