1099-K threshold for 2024 confirmed at $5,000
Earlier this week, the IRS confirmed that the 1099-K reporting threshold for 2024 will indeed remain at $5,000, “regardless of the number of such transactions.”
As a reminder, payment platforms must report “gross amount of aggregate payments” in excess of that threshold. If you sold more than $5,000 using any payment platform, you should expect to receive a 1099-K from said platform.
The IRS further explained that the threshold for 2025 will drop to $2,500, before finally reaching $600 on 2026.
We’ve previously written about some of the confusing scenarios around 1099-Ks, so if you haven’t yet seen them, we envite you to check them out.
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