Are You Expecting a Form 1099-K? Here's What You Need to Know

The $600 threshold for payment apps and online marketplaces to report payments on Form 1099-K is delayed for tax year 2023.

The threshold for tax year 2023 will continue to be payments over $20,000 and 200 transactions, although taxpayers could still get forms reporting less than that amount.

The IRS is planning a threshold of $5,000 for tax year 2024. Stay tuned.