April 3, 2023 Form 1099-K, Payment Card and Third Party Network Transactions, is an IRS form used to report certain payment transactions. If you accept money electronically for selling goods or providing a service, it's likely you'll get a Form 1099-K if you're paid more than $600 in the calendar year. You must report all income on your tax return. That's true whether you receive the money electronically or not, even if you don't receive a Form 1099-K. See Publication 525, Taxable and Nontaxable Income for information. Money received as a gift or for reimbursement doesn't require a Form 1099-K. To reduce the chance that you'll get a Form 1099-K for these transactions, you should designate those types of transactions as personal. Good recordkeeping is key. Visit the IRS.gov/form1099k for more information.
