mam98031 • Volunteer Community Member • Buyer/Seller since 1999
Ebay released this announcement today.
eBay and TaxAct®, a leading DIY tax preparation service, are partnering to help untangle the impact of the new threshold for Form 1099-K and provide information and support you may need to prepare your tax filing with TaxAct's new Tax Information Center for eBay Sellers.
Prior to 2022, eBay and other online marketplaces were not required to issue Form 1099-K until sellers reached an annual threshold of 200 transactions and $20,000 in gross payments. As of January 1, 2022, the threshold was lowered to $600 and marketplaces like eBay are now required to report gross payments totaling $600 or more in a calendar year, with no transaction minimum.
We understand the new tax requirements can be confusing. We’re here to help.
Targeted 1099-K tax guidance for eBay sellers—powered by TaxAct
eBay and TaxAct have launched the Tax Information Center for eBay Sellers to help you understand your Form 1099-K tax obligations. The Tax Information Center for eBay Sellers offers expert articles, blogs, tips, and insights that may be relevant to your unique situation. You’ll also find a 5-point tax preparation checklist that will help ensure that you’re compliant when you file your taxes.
Professional assistance from TaxAct—online, for free
Whether you're a casual hobbyist or high-volume seller, TaxAct offers the tools and support you need to make filing easy. TaxAct services are used by millions of customers each year, and filers can access free online assistance from CPAs and other tax experts through TaxAct Xpert Assist℠. TaxAct works closely with the IRS and state authorities to ensure the security of filers’ accounts, and guarantees the calculations on their returns are 100% accurate.
Disclaimers:
eBay and its affiliates do not provide legal, tax, or accounting advice. This material is being provided for informational purposes only and is not intended as, and should not be relied upon for, legal, tax, accounting, or other professional advice. Please consult your own legal, tax, and accounting advisors for advice specific to your situation
TaxAct Xpert Assist is available as an added service at no charge for TaxAct’s online, consumer-prepared 1040 and sole proprietor products. Service hours limited to hours of operation and by expert availability. Some tax topics or situations may not be included as part of this service. View full TaxAct Xpert Assist Terms and Conditions.
Learn more about the new 1099-K requirements.
As always, thank you for selling on eBay.
It is full of GREAT information. It will help to settle many assumptions that are being made and bad information that is being shared. This will help us all better understand this process.
Thank you Ebay for releasing this wonderful tool.
@tackejacke wrote:Has anyone else received a 1099-K for 2022?
Yes. Do you know where to find it on your Seller Hub?
If not, go to your Seller Hub. Click on the Payment Tab.
There will be a drop down menu. Select Taxes.
There you will find your 1099K if you were issued one.
@tackejacke wrote:Thank you. I had found it and was surprised that I was issued one since my sales are under 20k and 200 items for the year. I thoght the $600 threshold was put off for a year. Now I'm wondering if I have to declare the amount I made for 2022 even if it's under $20k.
You got a 1099K because your State Requires one to be issued for a threshold of $1,000.
With or without a 1099K, you need to report your income to the IRS. IRS does NOT have a minimum for any year. The threshold on a 1099K doesn't change that.
And yes the Federal requirement was delayed a year, so as of right now it will be issued for 2023.
