- The IRS is now required to issue Form 1099‑K only when a user receives over $20,000 in gross payments AND completes 200+ transactions in a calendar year — the rules that were in place from 2011–2021
Why It Matters?
- Casual sellers benefit — fewer forms mailed means less paperwork if you sell on Etsy, eBay, Venmo, etc.
- Record-keeping still matters — even without the form, the IRS expects all income reported
- Peace of mind for gig workers — thresholds now align with 2011–2021 standards
Your To‑Do Checklist
- Track all business income on platforms like PayPal, Venmo, Zelle.
- Separate personal vs. business transactions accurately.
- Report every dollar in your tax filing — regardless of receiving a form.
- Plan ahead with quarterly estimated payments if needed.