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However, in 2023, the IRS delayed implementation to reduce anticipated confusion by an estimated 44 million 1099-K forms sent to taxpayers. That year, reporting was instead only required for ...
Any person who earned more than $5,000 on selling tickets, instruments and other goods and services online in 2023 will receive a 1099-K tax form this month.
The IRS estimated that the new, significantly lower $600 threshold would have triggered an extra 28 million 1099-Ks being issued in 2024 for reporting income on 2023 tax returns.
For 2022, anyone who earned just $600 in aggregate through a third-party payment network will receive a 1099-K form. The old threshold, prior to 2022, was more than $20,000 in income over 200 or ...
This means that if you sold concert tickets for less than $20,000 and received the money in 2023, you shouldn’t get a 1099-K. ... like the Form 1099-K.” IRS Ticket Sale Rules for 2024.
Form 1099-K, 2015. In the United States, Form 1099-K "Payment Card and Third Party Network Transactions" is a variant of Form 1099 used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) and/or settlement of third-party payment network transactions. [1]