Why you might receive a Form 1099-K

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April 3, 2023

Form 1099-K, Payment Card and Third Party Network Transactions, is an IRS form used to report certain payment transactions.

If you accept money electronically for selling goods or providing a service, it's likely you'll get a Form 1099-K if you're paid more than $600 in the calendar year.

You must report all income on your tax return. That's true whether you receive the money electronically or not, even if you don't receive a Form 1099-K. See Publication 525, Taxable and Nontaxable Income for information.

Money received as a gift or for reimbursement doesn't require a Form 1099-K. To reduce the chance that you'll get a Form 1099-K for these transactions, you should designate those types of transactions as personal. Good recordkeeping is key.

Visit the IRS.gov/form1099k for more information.