1099K FORMS FOR 2023 TAX YEAR

If your business occasionally gets paid via Venmo/Paypal, this one's for you....

I've been getting questions on 1099-K forms. Here's what to expect.

Starting in January 2024, for the 2023 tax year, 1099-K forms will be sent out to people who receive more than $600 a year for goods and services on third party payment platforms like venmo or paypal.

Other examples of when you may receive a 1099-K are if you sell products on ebay or resell tickets on stubhub. If the amount you're paid is more than $600, expect a 1099-K.

Keep in mind, you'll only receive a 1099-K for money received. If you pay people through zelle or venmo, you won't get a 1099-K for sending money.

Hope this helps clarify. If you have questions, please let me know.