Refil

[Ryan8771]

I filed my taxes last night and I included a 1099-K form that was under 5k so I don’t think I was supposed to include that for my taxes. How do I refile? 

[xmasbaby0]

ALL of your income was supposed to be included on your tax return---even small amounts.  Nothing to change about that.

[Ryan8771]

Oh so I should just leave it the way it is even if it’s under the 5k threshold??

[xmasbaby0]

Yes---leave it alone.   You do not get to pick and choose which income to include.   ALL of your income must be entered.  If you had a W-2 for $2.00 you would still have to include it.   

[VolvoGirl]

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@Ryan8771 wrote:

Oh so I should just leave it the way it is even if it’s under the 5k threshold??

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What 5k threshold?  That is probably the amount they have to give you the 1099 K.  But you still have to report all your income no matter how small.  What is it for?  You have to report self employment for $400 or more.

[Ryan8771]

I kept seeing that “Forms must be sent to taxpayers who recorded more than $5,000 in business transactions in calendar year 2024.” I didn’t make that much in all of 2024 selling stuff. 

[xmasbaby0]

You are trying to interpret that to mean that amounts lower than $5000 do not have to be reported on your own income tax return.  Sorry-----ALL of your income goes on your tax return.

[VolvoGirl]

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@Ryan8771 wrote:

I kept seeing that “Forms must be sent to taxpayers who recorded more than $5,000 in business transactions in calendar year 2024.” I didn’t make that much in all of 2024 selling stuff. 

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That means they don't HAVE to send you a 1099-K for under 5,000 but they can if they want to.  BUT you have to report all your income whether you get  a 1099K form or not no matter how small the amount.