2025 1099-K
I see that the gross sales threshold for receiving a 1099-k this year is $20000. I know that last year it was much lower. Does anyone know what the threshold was last year?
10 comments
I see that the gross sales threshold for receiving a 1099-k this year is $20000. I know that last year it was much lower. Does anyone know what the threshold was last year?
studiodeflores
·8 months agoEven if you only make $5, you still need to report all of the income on your tax returns, whether you receive a 1099 or not.
simba6
·8 months agoDo know even if you don't receive it or any tax forms for that matter, that does not excuse you from any taxes you might owe.
mommaknows
·8 months ago@dealmeister0
 This is what I pulled up for your state. I hope that it helps.
dealmeister0
OP8 months agoThanks. I wasn't sure if both thresholds needed to apply, but I called Ebay and they verified that they do. According to my records, last year the gross threshold was $600., which is bizarre.
luckythewinner
·8 months agoThe $600 was passed into law in 2021, as part of an effort to offset the costs of the ARPA by increasing tax compliance. The IRS, congress, and the President have all been monkeying with it ever since.
stainlessenginecovers
·8 months agoIt's bizarre because your records are Wrong. Fed was NEVER $600 when the end of year actually came (your state may have been)
caldreamer
·8 months agoFederal threshold is different from the state threshold. State of Illinois 2025 threshold is $1,000 and 4 transactions for 1099-K.
1099-K form state requirements | Stripe Documentation
monroe67
·8 months agoGoogle told me this (highlighting added) :
"For the 2024 tax year, the 1099-K reporting threshold for third-party payment apps (like PayPal, Venmo, Etsy) [was] a total of over $5,000 in payments for goods and services, with no minimum transaction count, as part of the IRS's phase-in plan."
As others have pointed out, your own state might have had a lower dollar amount as their own reporting threshold.
stainlessenginecovers
·8 months agoPer google; Fed requirements were $5000 for 2023 (1099 given 2024).
IRS decided to return back to the 'pre 2023.
BUT!.... many states have required a 1099 be issued as low as $600, some $1000, Some $1500 etc.
kensgiftshop
·8 months agoYou need to check with your State, it might be lower then the federal threshold.