Can someone elaborate on the purpose of Form 1099-K issued by a PSE such as Paypal, for instance?
We know that Form1099-K is issued whenever more than $20,000 and 200 transactions were processed via a PSE. However, there is no indication in TurboTax that the information provided on Form 1099-K needs to be reported using the software. Is the information on this Form for informational purposes only? Can someone shed some light or provide an IRS link to explain why and purpose of Form 1099-K?
