JamesG1
Expert Alumni

Get your taxes done using TurboTax

You may or may not receive an IRS 1099-K form in 2023.

 

The IRS planned to implement changes to the 1099-K reporting requirement for the 2023 tax year. 

 

However, the IRS recently delayed the implementation of the new $600 reporting threshold for transactions from third party processors like Venmo and Paypal, reverting tax year 2023 back to the previously higher 1099-K reporting threshold (over $20,000 in payments and more than 200 transactions).

 

Whether you receive IRS form 1099-K or not, you are still obliged to report any income received from your side hustle.

 

See also this TurboTax Help.

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