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1099-K
I received a 1099-K for tax year 2022 (last year). Yet according to the IRS 1099-K for 2022 are only required for sales above $20,000. Why are they sending this out? Do I need to report it?
From the IRS web site; "NOTE: On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated
as a transition year for the reduced reporting threshold of $600. For calendar year
2022, third-party settlement organizations who issue Forms 1099-K are only
required to report transactions where gross payments exceed $20,000 and there
are more than 200 transactions"
2 comments
mega-ma-roo
·3 years agoVirginia requires third-party payment processor (eBay) to report transactions where gross payments exceed $600. Virginia did not change this requirement, so the 1099-K was issued to you and sent to the state and IRS. Yes, you do need to report it.
kensgiftshop
·3 years agoYou need to check with your state, they might have a lower reporting threshold then the federal level.