1099K (see list of states that have lower threshold)

[caldreamer]

You live in a state with a lower 1099-K reporting threshold

Whether you receive Form 1099-K is also dependent on what state you live in.   Not all states follow the IRS filing threshold and instead implement their own requirements.

Here’s a list of possible states that could issue more Form 1099-Ks for tax year 2023 due to lower reporting thresholds:

• Arkansas – $2,500 threshold
• District of Colombia – $600 threshold
• Illinois – $1,000 threshold and 4 transactions
• Maryland – $600 threshold
• Massachusetts – $600 threshold
• Mississippi – $600
• New Jersey – $1,000 threshold
• Rhode Island – $100 threshold
• Vermont – $600 threshold
• Virginia – $600 threshold

Note: The list above is subject to change, as state regulatory agencies still need to fully finalize their requirements.

What happens if I don’t get a 1099-K?

Reporting threshold should not change the amount of taxable income you’re required to report.  All personal and business income you make should be reported on your tax return, whether you receive Form 1099-K or not.

[nobody*s_perfect]

I believe that Missouri has recently joined that list, with a threshold of $1200.

[caldreamer]

Thanks for that info...

[house_of_horror_2015]

Does anyone know the state thresholds for 2024? I cannot seem to find anything about it?

[rosszonebricks]

@house_of_horror_2015 

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@house_of_horror_2015 wrote:

Does anyone know the state thresholds for 2024? I cannot seem to find anything about it?

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https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-...

Appears it's not 100% decided, but any state not already lower than $5000 looks like it will be $5000.

Reminder, as stated above, getting (or not getting) a 1099k has zero impact on if you should report your profits on your income taxes.

@caldreamer wrote:

What happens if I don’t get a 1099-K?

Reporting threshold should not change the amount of taxable income you’re required to report.  All personal and business income you make should be reported on your tax return, whether you receive Form 1099-K or not.

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[nobody*s_perfect]

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@house_of_horror_2015 wrote:

Does anyone know the state thresholds for 2024? I cannot seem to find anything about it?

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We can't really know until December.   Some of the states which already have thresholds that are lower than the federal level passed their legislation late in the calendar year and applied it immediately to the current year. All you can be sure of is that none of them will be higher than they were for 2023.