1099 forms for 2023 tax year
Does anyone have any updates on the 1099 forms for tax year 2023. I heard there were some talks about another delay or possibly changing the limits. Time is running out if congress is going to do anything. Was just wondering if anybody has heard anything.
32 comments
cardsnmore2004
·2 years agoIf I read it right. I saw today that the IRS has delayed the new 600.00 requirement again. So those making 20,000 + 200 transactions will receive one but anyone below that should not. It also stated that next year that it will be 5,000 or more. So that should answer the question. Personally I thought it should have stayed at the 600.00 since everyone should be filing anyway.
dbfolks166mt
·2 years agoIf I read it right. I saw today that the IRS has delayed the new 600.00 requirement again. So those making 20,000 + 200 transactions will receive one but anyone below that should not. It also stated that next year that it will be 5,000 or more. So that should answer the question. Personally I thought it should have stayed at the 600.00 since everyone should be filing anyway.
In your case what the Fed's did may potentially have little or no impact. If you have not read down through all of the responses you should be aware that since you are in Missouri that your state has a 1099-K issuance threshold at $1,200 and 0 transactions so if you exceed the $1,200 during the 2023 calendar year you will in fact get a 1099.
mam98031
·2 years ago@cardsnmore2004
Just because someone does not receive a 1099K does not mean they don't have to report their income. For those that think they can earn $19,999 and not claim it because they didn't get a 1099K, they will be in for some serious trouble in the future.
The same is true for the $600.
IRS changed the threshold on this FORM. It is nothing more than a FORM. It does NOT now nor has it ever changed the IRS rules on reporting income. We are require to report ALL income.
secondlifetreasures-llc
·2 years agoEverything on the IRS website implies that it is staying at $600. The delayed it last year to give people more time to figure out what they'll have to do and themselves more time to prepare to process a lot more forms. There are no excuses now. The law was originally passed almost 3 years ago (Feb. 2021). If you didn't know about it or don't know how to report sales, that is on you. The IRS absolutely has the manpower to process millions of 1099k forms. Most of it is automated anyways. The threshold for receiving a 1099-INT for a bank account is $10. If they can send out millions of those every year, they can absolutely send out 1099-K forms for $600. They have had FAQs online since last year regarding reporting personal items sold at a loss and other scenarios that are related to the form. Tax non-compliance and misreporting, especially with online sellers, is a huge issue, so I can't see the IRS pushing it back again, and with everything going on right now, I highly doubt enabling eBay sellers to commit tax fraud is on anyone in congress's mind.
mam98031
·2 years agoIt doesn't "imply" anything, it clearly states what the threshold is each of the many types of 1099 forms.
Let's remember that a great number of people that did not receive a 1099K, before they started and/or after due to thresholds, reported their income correctly without ANY kind of form.
It is likely that most of the people that will receive a 1099K because they were paid $600 will likely see no increase in their income taxes. They are just scared it will, but the likelihood is slim.
annadryl
·2 years agoI report my income regardless, it's about if we get the 1099k from ebay or not. Luckily ebay makes it easy enough to get the totals and we can deduct much of it for shipping, etc. I know I'll get two 1099's from other income, just wondering when ebay will come around.
mam98031
·2 years agoWhat do you mean @annadryl by " just wondering when ebay will come around"? Come around to what?
annadryl
·2 years agoI got one last year for about $720 from another job but not from ebay. I'm in Oregon. I closely follow the news and I have no idea what to expect except that Congress has been out to lunch for, like, years. I'm going with whoever said 50/50. We won't know until the very last minute.
mam98031
·2 years ago@annadryl
It does not matter if you get a 1099K at all. You are suppose to report your income anyway.
The 1099K is merely a FORM and nothing more than a FORM. An informational form, it sets nothing to do with what income is to be reported and what may not be.
kensgiftshop
·2 years agoWhat difference does it make if you get a 1099K or not, you still report your income like we are supposed to.
mississippimagic
·2 years agoNever mind.
buyselljack2016
·2 years agoPerhaps they will lower the 1099-K issuance limit to $1.
Lots of scrambling for those $599 sellers.
Raise it to $10K. Increase noncompliance!
12345jamesstamps
·2 years agoI am kinda thinking it will remain the same like last year.
With a country shutdown days away....I would say this is like the last thing they are worrying about.
1786davycrockett
·2 years ago@12345jamesstamps
@classic4936
"With a country shutdown days away....I would say this is like the last thing they are worrying about."
Since it was Congress that originally lowered the amount from $20,000 to $600, either Congress would have to re-write the law again, or the IRS could offer another postponement, as they did in 2022.
So -- flip a coin.
But remember to include it as income. . ..
12345jamesstamps
·2 years agoHmmm....someone wanted to defund billions to the IRS who is the speaker of the House now.
Yelp...I say it will probably remain at $20,000 this year....Just my opinion.
It has not been lowered at $600. yet.
Always income anything as income...
dbfolks166mt
·2 years agoHmmm....someone wanted to defund billions to the IRS who is the speaker of the House now.
Not someone but a group that basically wanted to roll back the increases that were in the Inflation Reduction Act. The reason there is a new speaker is because he did not want to stand behind that group when it came to those cuts.
Yelp...I say it will probably remain at $20,000 this year....Just my opinion.
For me it's already at $600 and has been since 2020. It's a state law but the 1099 is sent to the IRS at the Federal level.
It has not been lowered at $600. yet.
It has been lowered to $600 and was passed into law as part of the Inflation Reduction Act but the IRS delayed effective date.
Always income anything as income...
12345jamesstamps
·2 years agoActually A someone who wanted to give money for help to Israel and take away money from the IRS...and it was exactly the same amount of money....billions. LOL
mam98031
·2 years ago@12345jamesstamps
Defunding the IRS has absolutely NOTHING to do with the minimum threshold on a Form.
The IRS doesn't keep the money collected from tax payers. It isn't their money to spend, it belongs to the Federal Government and Congress sets the budgets for different departments. Whether or not the IRS collects taxes from any given person has NOTHING to do with the budget for IRS.
You talk as if the IRS gets to keep all the money they collect and they do not.
12345jamesstamps
·2 years agoApparently you misunderstood me.
I have no idea what you are talking about.
dbfolks166mt
·2 years ago"With a country shutdown days away....I would say this is like the last thing they are worrying about."
Since it was Congress that originally lowered the amount from $20,000 to $600, either Congress would have to re-write the law again, or the IRS could offer another postponement, as they did in 2022.
So -- flip a coin.
But remember to include it as income. . ..
Ironically this is semi caught up in the whole budget situation and the pending shutdown. One of the things in the Republicans budget proposal is the reduction of IRS funding and positions.
It does not really make much difference to me what the Federal government does since I am in a state that lowered the 1099 reporting threshold to $600 in 2020. I find it kind of nice since it serves as a sanity check against my own accounting numbers.
I would be willing to be that regardless of what the Federal government does you will see more states begin to reduce the reporting threshold in 2024 simply because of lack of movement at the Federal level and the potential for that to change down the road.
12345jamesstamps
·2 years agoGlad I live in a different state. I think it's like a handful of states or maybe one that does the $600. threshold getting you a 1099K.
slippinjimmy
·2 years agoSounds like if there is no 1099 for you then you feel free to commit tax fraud.........interesting!
12345jamesstamps
·2 years agoI show what I sell and such...I have no secrets...I DO not need multiple eBay accounts to chit chat here...do you?
I do not need an account which shows nothing on what I sell or nothing to chit chat here...what are you hiding?
slippinjimmy
·2 years agoIt is extremely rare that I would ask a question here, when I do it is always about a generic matter that is not about a specific item or a specific transaction that might have a variable solution depending on the item.
Users looking for specific solutions to a specific situation that hide their selling accounts often don't get accurate replies because respondents can only speculate which can lead to misinformation. When these respondents ask for more they often get incomplete replies or nothing at all, very frustrating.
As to why do I use a posting id, it is because I like to speak freely and some people here are uber sensitive, they don't have much ability to take productive criticism which can (and has) led to lashing out. I can tolerate a verbal thrashing but I'm not putting my business at risk because of some loony with an itchy trigger.
dbfolks166mt
·2 years agoGlad I live in a different state. I think it's like a handful of states or maybe one that does the $600. threshold getting you a 1099K.
Only a handful at the moment but you can bet the states will all begin to jump on this if the Fed limit reduction does get delayed again.
mam98031
·2 years agoWith the current state of the Congress, I wouldn't bank on that too much. Heck they have to get us pass another eminent government shut down on November 17th if they still can't pass the budget.
chapeau-noir
·2 years agoLawdy, that means the Clown Caucus will actually have to do the jobs we're paying them to do rather than just grandstanding and engaging in performative politics. They remind me of that old saying "Hiring you is like losing two good men!"
dbfolks166mt
·2 years agoLawdy, that means the Clown Caucus will actually have to do the jobs we're paying them to do rather than just grandstanding and engaging in performative politics. They remind me of that old saying "Hiring you is like losing two good men!"
While it seems Congress is in a mess, and it is, it's nothing new. A few comments from past Presidents
"Congress does from a third to a haolf of what I think is the minimum that it ought to do, and I am profoundly grateful that I get as much" (Teddy Roosevelt).
If congressmen talk too much, how can it be otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it is to question everything, yield nothing and get paid to talk by the hour" (Thomas Jefferson)
stainlessenginecovers
·2 years agoYou can quickly get the same figures by doing the following:
Click the PAYMENTS tab
off to the left, click 'Reports'
Change the 'timeline' from Jan 1 to today' and you will see 'total order $$'; total Fees paid, Total Refunds made all in one quick line for the Year to Date.
dryophelia
·2 years ago@classic4936
I haven't heard anything yet. When the announcement came last year, it was with about 10 days left in December.
How disappointing.
That form gives sellers a figure to balance against their own figures. Those with low volume sales can probably figure it out, but those with numbers in the thousands, such as yourself, would surely appreciate that form.
mam98031
·2 years ago@dryophelia
Why was it "disappointing"? The only thing it changed was that some people got a form and others didn't. Tax laws are the same, nothing changed with them.
Unavailable member
·2 years agoIf you don’t get a 1099 you can file your taxes without it. I do it every year.