Now to answer all these endless posts about the $600 tax reporting rule...

[css2001]

Looks like it's that time of year again when there are numerous posts about the $600 rule. Here's the latest announcement from the IRS. Not sure if this will be the official decision, as they are currently planning on this new ruling for 2024.

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation 

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

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.
Given the complexity of the new provision, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

Keep in mind your state may still have a threshold of $600 or more. But despite whatever the rule is, you should always report ANY income you make.

[monroe67]

"IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation 

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

Ummmmm -- the date of that publication was November 21, 2023, seven days less than one year ago.  
                                         Thus, it is "OLD" news.  

And that last sentence is true:  The IRS (and possibly your state income taxing authority) does expect all taxpayers to report all their income on Form 1040 or the appropriate version.  

[stainlessenginecovers]

The 2023 $600 reporting requirement was temporarily halted at almost the LAST MINUTE in January 2023 by the IRS (which really does not have the authority because all their rules/laws are handed down by our US Government)

So the REAL answer is the same as it was 11 months ago, nothing has changed YET and nothing is in concrete YET. NO decision has been officially made as of today.

[nobody*s_perfect]

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@css2001 wrote: .... Here's the latest announcement from the IRS. Not sure if this will be the official decision, as they are currently planning on this new ruling for 2024.....

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Most of the gazillion threads about this issue include one or more posts which link to that announcement.  As noted in the other post on this thread, that announcement from the IRS dates back to last November, and was an incidental comment tied to their announcement of the threshold for 2023.  Their "plan" to use a $5K threshold for 2024 is not yet official. Thus, there is absolutely no point to this thread.

[nobody*s_perfect]

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@stainlessenginecovers wrote:

The 2023 $600 reporting requirement was temporarily haulted at almost the LAST MINUTE in January 2023 ... old, could be wrong, fake/unknown news. 

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If you look at the link in the OP, you'll see that it's from the IRS itself and is from last November, when they announced what threshold they'd be using for 2023. It's old, but it's not fake and also it's not from January. Which makes your post more erroneous than the OP.

[asset_liquidators]

None of this matters unless you are trying to evade taxes (not directed at you OP). You report all of your income as you are legally required to do and a 1099 is just a formality.

If you are not reporting all of your income then, well, good luck.

[monroe67]

oooooops --  
"Never mind!"
(Emily Litella)

[klhmdg]

This type of post will go on until April 2025 - 

I think Im just not going to answer them.

[bonanza125]

I think mods should consider pinning a thread about this with all information needed for folks looking for answers and remove threads asking or venting about this. So many of them pretty much saying the same thing over again. Regardless of the threshold you are required by law to pay taxes anyway 

[inhawaii]

There is no $600 tax reporting rule.

[stainlessenginecovers]

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@nobody*s_perfect wrote:

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@stainlessenginecovers wrote:

The 2023 $600 reporting requirement was temporarily haulted at almost the LAST MINUTE in January 2023 ... old, could be wrong, fake/unknown news. 

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If you look at the link in the OP, you'll see that it's from the IRS itself and is from last November, when they announced what threshold they'd be using for 2023. It's old, but it's not fake and also it's not from January. Which makes your post more erroneous than the OP.

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Stating 11 months vs 13 months is FAR from 'erroneous'.

The entire 'jest' of my post is:

"OP has NO new information"

Plus- I said 'could be' so I think your reading comprehension needs work. 

[12345jamesstamps]

Guess my kid has to report earned income from the lemonade stand last summer since some here think it is considered earned income and must be reported.

[redlinear]

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@12345jamesstamps wrote:

Guess my kid has to report earned income from the lemonade stand last summer since some here think it is considered earned income and must be reported.

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It's worse than that.  Child labor laws, lemonade stand union dues 

[monroe67]

"Guess my kid has to report earned income from the lemonade stand last summer since some here think it is considered earned income and must be reported."

Maybe. 

There are many, many variables.  Nobody can answer that for you, as an absolute fact, other than a tax accountant, CPA, a tax return preparer certified by and/or working for H&R Block or other tax return preparation company.  Certainly you wouldn't make such an important decision on how you complete your tax returns based on "some" posts on eBay's community forum, of all places.  

Do "some here" know any of the details of your family's financial situation?  Did your kid's lemonade stand income help make your house payment?  Go toward his private school tuition?  Help to pay for his orthodontist or ophthalmologist? 

Is your kid a hopeful child actor and you set up a lemonade stand to try to increase his visibility, to try to get roles?  

Bottom line:  Talk to a professional tax return preparation specialist.  I believe H&R Block offers a sliding scale.  AARP offers free tax return preparation in some parts of the nation, and I have seen college students getting their taxes done there, as well as senior citizens (like me).  

[12345jamesstamps]

We all know that not reporting income is rampant including the very top holding office who do not report income.

Some get in trouble, most do not and some have great lawyers to get out of a jail pass.

As an example: DoorDash...where in my city a lot are undocumented workers...and do they actually paid taxes on that yearly 1099k that DoorDash gives them?

DoorDash has a set up where the driver has a personal debit card where their money is put on from working with DoorDash. I try talking to some of them but none understand English...and most drive a moped where they don't understand the rules of the road for driving on a street...I drive a motorcycle to the post office almost daily. I felt like a rant...it frustrates me where I paid taxes that I owe legally and others don't.