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 Updated and new FAQs were released to the public in Fact Sheet 2024-03 PDF, Feb. 6, 2024. On Nov. 21, 2023, in Notice 2023-74, the IRS announced that calendar year 2023 would be a transition year 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 $20,000 and there are more than 200 transactions during the calendar year. 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 Forms Form 1099-K, Payment Card and Third Party Network Payments PDF Instructions for Form 1099-K, Payment Card and Third Party Network Transactions PDF Previous updates to FAQs Fact Sheet 2023-06 PDF, March 22, 2023 Fact Sheet 2022-41 PDF, Dec. 28, 2022
