1099 K questions post filing

[satatoga2304]

Hi.  I received a 1099 K from eBay and PayPal after I had filed my taxes. The income listed is reported elsewhere in schedule c.  Do I have to amend my taxes and wouldn’t that be listing my income twice?  Hope that makes sense.  Thanks in advance!

[MinhT1]

If you have already reported on your schedule C all the amounts listed on the 1099-K from Ebay and PayPal, then your tax return is complete.

You do not have to amend your return. You just have to keep these forms 1099-K in your tax records together with any notes showing that the amounts have been reported on your tax return.

[satatoga2304]

Thank you.  I suppose one other question that pertains in a way to this is I know the 1099 k thresholds changed for the 2022 year ($600 or above and you have to report) but for places like EBay, Etsy, PayPal, do you still need to even file the 1099 k if you were under the $20,000 and 200 sales since that was the threshold for 2021?  Thanks

[MinhT1]

Whether you have to file form 1099-K or not depends on the nature of the transactions and not so much on the amounts or reporting thresholds.

Please read read this IRS FAQ for more information.