What is the new threshold for reporting IRS Form 1099-K for tax year 2023?
221 views | Last modified 12/6/2023 5:07:16 AM EST | Added by TaxBandits Team

The IRS has postponed the expected change to a $600 threshold, so the new threshold for Form 1099-K remains at $20,000 with a 200 transaction limit for the year 2023.

This means that if you're an individual who receives payments of $20,000 or more, with 200 transactions using third-party payment networks like Venmo, Paypal, Etsy, and Amazon, you'll receive a Form 1099-K from the third-party payment networks for the 2023 tax year. You can use this form when filing your federal income tax return.