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By Staff Reporters
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2024 LATE YEAR UPDATE
Who sends Form 1099-K?
Payment card companies, payment apps and online marketplaces are required to fill out Form 1099-K and send it to the IRS each year. They must also send a copy to you by January 31st. 2025
CITE: https://www.r2library.com/Resource/Title/0826102549
Who gets Form 1099-K:
You should get Form 1099-K for these situations:
1. If you take direct payment by credit or bank card for selling goods or providing services
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.
Find what to do with Form 1099-K.
2. If you used a payment app or online marketplace and received a Form 1099-K
A 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 $5,000. However, they can send you a Form 1099-K with lower amounts. Whether or not you receive a Form 1099-K, you must still report any income on your tax return.
This includes payments for any:
- Goods you sell, including personal items such as clothing or furniture
- Services you provide
- Property you rent
The payments can be made through any:
- Payment app
- Online community marketplace
- Craft or maker marketplace
- Auction site
- Car sharing or ride-hailing platform
- Ticket exchange or resale site
- Crowdfunding platform
- Freelance marketplace
If you accept payments on different platforms, you could get more than one Form 1099-K.
Personal payments from family and friends should not be reported on Form 1099-K because they are not payments for goods or services.
Find what to do with Form 1099-K.
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Filed under: "Ask-an-Advisor", Accounting, Financial Planning, Glossary Terms, Investing, Taxation | Tagged: 1099-K, 1099-k changes, business, finance, FORM 1099-k, IRS, IRS 1099-k, PAYPAL, taxes | Leave a comment »
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