[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-303206-105":53,"doc-detail-303206-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","1099-k-scope-reporting-on-the-tax-return","1099-K - Scope & Reporting on the Tax Return","","Guidance explains when Form 1099-K applies to taxpayers and how reported amounts should be treated for tax purposes, including key thresholds that change between tax years 2023 and 2024. It clarifies that receiving or not receiving a 1099-K does not by itself determine whether funds are taxable. It also covers how VITA scope depends on the type of income, actions when a 1099-K is incorrect, and steps to report erroneous or non-taxable amounts on Schedule 1 and other relevant tax return forms.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/1099-k-scope-reporting-on-the-tax-return/303206/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/1099-k-scope-reporting-on-the-tax-return/303206.png","ImageObject",442,249,{"name":88,"@type":89},"Blaney","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-05","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"When is Form 1099-K required for tax years 2023 and prior versus 2024 and after?","Question",{"text":108,"@type":109},"For tax year 2023 and prior years, Form 1099-K is required when total gross payments exceed $20,000 from more than 200 transactions. Beginning with tax year 2024, it is required when total gross payments exceed $5,000 regardless of the number of transactions.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Does receiving a Form 1099-K automatically mean the amount is taxable?",{"text":113,"@type":109},"No. Issuance of Form 1099-K does not automatically make the amount taxable to the recipient, and not receiving one does not mean funds received are non-taxable.",{"name":115,"@type":106,"acceptedAnswer":116},"What should a taxpayer do if Form 1099-K is incorrect?",{"text":117,"@type":109},"Contact the issuer or the Payment Settlement Entity (PSE) immediately, and keep copies of the original and corrected forms plus correspondence. Do not contact the IRS, since they cannot correct the Form 1099-K.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},303206,1790177194,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":47,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":73},1236954677761,"https://us-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","1099-K: Scope & Reporting on the Tax Return  \nFor more information on crowdfunding:  \n● About Crowdfunded Donations, Income, and Taxation  \nTable of Contents:  \n●  Will I receive a 1099-K?  \n●  Is Form 1099-K in scope for VITA?  \n●  If Form 1099-K is incorrect  \n●  If you can’t get a corrected 1099-K  \nWill I receive a 1099-K?  \nThat depends. Payment apps and online marketplaces are required to report distributions of money on Form 1099-K if the amount meets certain thresholds.  \n\n|  | Form 1099-K is required if: |\n| --- | --- |\n| Tax Year 2023 & Prior Years | The total of all payments distributed to a person exceeded $20,000 in gross payments from more than 200 transactions. |\n| Beginning with Tax Year 2024 | The total of all payments distributed to a person exceeded $5,000 in gross payments regardless of the number of transactions. |\n\nBut the issuance of Form 1099-K does NOT automatically mean that the amount reported on the form is taxable to the person who received the form. And, vice-versa, not receiving Form 1099-K does not mean that any funds received are not taxable.  \nNote: In November 2023, the IRS announced the delay of the implementation of a lower threshold for payment apps and online marketplaces to issue Form 1099-K to taxpayers.  \nIs Form 1099-K in scope for VITA?  \nForm 1099-K must be reported on the tax return. If the taxpayer should not have been issued a 1099-K but they cannot get it corrected by the payer, then the taxpayer will have to report it on their tax return. The following table describes when a 1099-K is in scope for VITA.  \nChart on next page    \n\n| Form 1099-K received for   | Is the 1099-K in scope for VITA? |\n| --- | --- |\n| Taxable income received for self-employment income\u003Cbr>Examples: rideshare driving, food truck business, vendor at a farmers market | Yes |\n| Rental income | Yes-Military certification required |\n| Any other type of taxable income (like the sale of a personal item) | No |\n| If the taxpayer just sold a single sofa or a few personal items (like on eBay or Mercari or Facebook Marketplace), then it is a personal sale and the 1099-K makes the tax return out of scope for VITA regardless of whether there was a gain or loss.\u003Cbr>A loss on the sale of a personal item is not deductible. If a 1099-K is received, the sale must be reported on the tax return and therefore is out of scope.\u003Cbr>(For the taxpayer’s knowledge, this IRS guidance outlines the two options the taxpayer has for reporting the nondeductible loss on their tax return. )\u003Cbr>If the taxpayer has a business selling items on ebay, then the 1099-K information is entered on the Schedule C and is considered self-employment (see first row of chart) . |  |\n\nIf Form 1099-K is incorrect:  \nTaken from IRS guidance last updated 8/15/23 .  \nYou may get a Form 1099-K in error when the form:  \n● Reports payments that were gifts or reimbursements from family or friends  \n● Doesn't belong to you or is a duplicate  \nIf this happens:  \n● Contact the issuer immediately – see FILER on the top left corner of Form 1099-K. If you don't recognize the issuer, contact the Payment Settlement Entity (PSE) on the bottom left corner of the form above your account number.  \n● Keep a copy of the original and corrected forms 1099-K and all correspondence with the issuer for your records.  \n● Don’t contact the IRS; they cannot correct the Form 1099-K.  \nWe acknowledge that it may not be realistic to expect many 1099-Ks to be corrected by the payer. Therefore, we recommend that the taxpayer attempt to get a corrected 1099-K from the payer but will prepare the tax return with the incorrect 1099-K during the taxpayer’s visit if they prefer to continue without first attempting to get the 1099-K corrected.  \nIf you can’t get a corrected 1099-K:  \nReport the erroneous/non-taxable amount on Schedule 1.  \nExample: You receive Form 1099-K for $650 your roommate sent you for their share of rent (that you will then pay to your joint landlord) .  \nIn TaxSlayer Pro (a","cbCaimG1ETZTTTI0","https://ap.wps.com/l/cbCaimG1ETZTTTI0","pdf",146148,"English","# Will I receive a 1099-K?\n## Form 1099-K thresholds and taxability clarification\n# Is Form 1099-K in scope for VITA?\n## Income types covered and out-of-scope personal sales\n# If Form 1099-K is incorrect\n## What to do and whether to contact the IRS\n# If you can’t get a corrected 1099-K\n## Reporting erroneous/non-taxable amounts on Schedule 1\n## Example handling in TaxSlayer Pro","[{\"question\":\"When is Form 1099-K required for tax years 2023 and prior versus 2024 and after?\",\"answer\":\"For tax year 2023 and prior years, Form 1099-K is required when total gross payments exceed $20,000 from more than 200 transactions. Beginning with tax year 2024, it is required when total gross payments exceed $5,000 regardless of the number of transactions.\"},{\"question\":\"Does receiving a Form 1099-K automatically mean the amount is taxable?\",\"answer\":\"No. Issuance of Form 1099-K does not automatically make the amount taxable to the recipient, and not receiving one does not mean funds received are non-taxable.\"},{\"question\":\"What should a taxpayer do if Form 1099-K is incorrect?\",\"answer\":\"Contact the issuer or the Payment Settlement Entity (PSE) immediately, and keep copies of the original and corrected forms plus correspondence. Do not contact the IRS, since they cannot correct the Form 1099-K.\"}]","1099-K - Scope & Reporting on the Tax Return | PDF",1789800650]