Now that you have received your Form 1099-K you will want to check that the income being reported on the Form 1099-K matches your business records. Please note: according to the IRS, "The minimum reporting thresholds apply only to payments settled through a third-party network there is no threshold for payment card transactions." I have received my Form 1099-K, now what? If you do not receive the Form 1099-K, you may be able to download it directly from the network's site. If you do meet this threshold, you may find a Form 1099-K(s) in your mailbox by January 31st of the upcoming tax season. Some examples of the platforms that will be reporting the transactions on a Form 1099-K are Paypal, CashApp, Amazon, Venmo, Etsy, and Zelle. If you use multiple platforms, you will receive a 1099-K for each one that meets the threshold. The Form 1099-K reports the gross payment of transactions received from third-party payment networks that total over $20,000 and 200 transactions.
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