Page 40 - Avoid False Claims
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TAXPAYERS M AY RECEIVE
A FORM 1099-K
- The $600 threshold for payment apps and online
marketplaces to report payments on Form 1099-K is
delayed for tax year 2023. The threshold for tax year 2023
will continue to be payments over $20,000 and 200
transactions, although taxpayers could still get forms
reporting less than that amount. The IRS is planning a
threshold of $5,000 for tax year 2024. Get details on the IRS
Nov. 21, 2023 announcement.
- It is important for taxpayers to understand why they
received a Form 1099-K, then use the form and their other
records to help figure and report their correct income on
their tax return. It is also important for taxpayers to know
t
what to do if they received a Form 1099-K and shouldn?
have.
TRAINBYUS: TRANSFORMING DIGITAL LEARNING
