Find answers to frequently asked questions (FAQs) about Form 1099-K.
- General information
- What to do if you receive a Form 1099-K
- Common situations
- Third Party filers
- Should my organization be preparing, filing and furnishing Form 1099-K?
What's new
The IRS is currently working on updating the frequently asked questions. For current information, please refer to:
- What to do with Form 1099-K
- Form 1040 Instructions PDF
- IR-2024-299, IRS provides transition relief for third-party settlement organizations; Form 1099-K threshold is $5,000 for calendar year 2024
- Notice 2024-85
On Nov. 26, 2024, in Notice 2024-85, the IRS announced that calendar year 2024 would be a further transition period and calendar year 2025 would be the final transition period for IRS enforcement and administration of certain information reporting requirements for third party settlement organizations (TPSOs). TPSOs, which include popular payment apps and online marketplaces, must file with the IRS and provide taxpayers a Form 1099-K that reports payments for goods or services where gross payments exceed $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and thereafter.
Related
- Understanding Your Form 1099-K
- 1099-K Reporting Requirements for Payment Settlement Entities
- Gig Economy Tax Center
- Pay As You Go, So You Won’t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty
- Money received through "crowdfunding" may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping
- Self-Employed Individuals Tax Center
- Tax Information for Individuals
Previous updates to FAQs
- Fact Sheet 2023-06 PDF, March 22, 2023
- Fact Sheet 2022-41 PDF, Dec. 28, 2022