1099K Threshold for 2024 sales

[tonybjr209]

I received a 1099K for my 2024 sales of $3,370. I thought that the threshold for getting a 1099K was higher than my sales (I thought it was $5,000). I assume that the IRS also received this document, and I now have to deal with this when filing my 2024 taxes. I just started selling on eBay in 2024. Thanks in advance for any feedback.

[therogue-trader]

Most people here will be telling you that you should be reporting this on your taxes anyways, doesn't matter if you got a 1099.  Such is how the law goes.  Some states have a lower 1099 threshold.

[aproudparent2010 · Accepted solution]

States That Have Adopted The 1099-K Threshold Rule

Several states have already closed this reporting on the state level:

• • Maryland, Massachusetts, Mississippi, Vermont, and Virginia currently require a 1099-K to be filed with the state tax agency if a TPSO pays a state resident $600 or more during the year.
  • Illinois and New Jersey have a $1,000 1099-K threshold (plus, for Illinois, a requirement of at least four transactions).
  • Arkansas has a $2,500 threshold.
  • Missouri has a $1,200 threshold.

[kensgiftshop]

@tonybjr209 

I think New Jersey is $1000.

Yes, the IRS received a copy of it.