There’s a change in reporting rules for Form 1099-K, the IRS document used to report payments and transactions from online platforms, apps or payment card processors such as Venmo or PayPal.
A change in tax reporting could catch some people by surprise when filing in 2023, the Internal Revenue Service warns.
Previously, 1099-Ks were issued when the total number of transactions exceeded 200 for the year and the aggregate amount of those transactions was more than $20,000. The American Rescue Plan Act of 2021 lowered the reporting threshold to $600 from any one source.via Venmo or Paypal, sold items on Etsy or Ebay, worked for Uber or DoorDash or received real estate income from companies like AirBnB or VRBO could get a 1099-K for the first time this year.
“And if they have untaxed income on a Form 1099 that isn’t reflected on the tax return they initially file, that could mean they need to submit a tax payment with an amended tax return,” the IRS added.
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