At what amount level does a 1099 trigger ?
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‎02-02-2025 01:50 PM
Re: At what amount level does a 1099 trigger ?
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‎02-02-2025 01:57 PM
They were issued for $5k or more unless the seller's state requires a lower number.
The usual high tax states are among those who specify a lower number.
Few questions about taxes have a simple answer.
Re: At what amount level does a 1099 trigger ?
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‎02-02-2025 02:01 PM - edited ‎02-02-2025 02:02 PM
For calendar year 2024, the federal threshold was $5000. But several states have set lower thresholds, mostly $600, so sellers at lower levels might get a 1099-K also.
For 2025, the federal threshold is $2500 and for 2026, $600. Here's the official IRS announcement:
Re: At what amount level does a 1099 trigger ?
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‎02-02-2025 02:07 PM
I received a 1990 - INT from my bank yesterday for $1,20
But You are thinking about 1990 K
Here is some info
1.A payment app or online marketplace is required to send you a Form 1099-K if the payments you received for goods or services total over $5,000. However, they can send you a Form 1099-K with lower amounts. Whether or not you receive a Form 1099-K, you must still report any income on your tax return.
2. If you have a stated income tax the threshold does vary - check the threshold for your state via a simple Google search. The threshold only means that the marketplace needs to send folks a 1990K at that thrshold. IRS says one needs to report all income- what you do is up to you - don't believe the "street" or "water fountain" crowd chi-chat. Remember eBay and others sites have your s/n number. Just food for thought.
GL
"Stay away from negative people, they have a problem for every solution." A. Einstein
"The Devil made me do it!" - Flip Wilson
"If the band can only play loud - they ain't no good - peps too!" J.R. Johnson
Re: At what amount level does a 1099 trigger ?
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‎02-02-2025 03:01 PM
For Alaska it is the same as the Federal threshold, $5000 for 2024 and $2500 for 2025 (2025 subject to change).
YOUR personal threshold to report income on your 1040 is $1.00
Into your life it will creep
