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1099 under $20,000

I received a 1099k and not a business or have sales over $20,000 for 2021

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Re: 1099 under $20,000

     While the Federal reporting thresholds do not take effect until the 2022 tax filling year you are located in Missouri which has a lower State threshold reporting requirement that took effect prior to the Federal one. I believe the reporting threshold is $1,200.00.

    Talk to a different tax professional. You probably only need to file a 1040 tax return and include a schedule C. TurboTax and/or H&R Block tax software is also an option and it is pretty easy to walk through the software and complete the forms and file them electronically. Their support is pretty good if you run into an issue or have a question. 

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Re: 1099 under $20,000


@sschaffnit-us wrote:

I received a 1099k and not a business or have sales over $20,000 for 2021


1) There is no requirement that you be a "business". 

2) The 1099-K represents total payments processed, not "sales".

3) $20K is not the threshold for everyone. In MO I believe it is  $1,200. 

 

 

 

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