Do Not Ignore the 1099-K if you Received One for 2024

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service released in November 2024, Notice 2024-85 PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2026. With that said, if you receive a 1099-K for 2024, do NOT ignore it – bring it to you tax appointment.

The IRS also announced that there is a $5,000 reporting threshold in 2024.

For 2025, the threshold will be $2,500

Who might get a form 1099-K?

Anybody who accepts payments from credit cards or third-party payment networks such as PayPal, Cash App, Amazon, or Venmo might receive a 1099-K. You may also receive one if you earned income driving for Uber, Lift, or InstaCart or if you sell items on E-Bay or Etsy.