Will I receive a 1099 form if I received less than $20K for 2022?

Forum|Forum|3 years ago
January 23, 2023
5 replies
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user17750693608

Level 8

You don't say what type of 1099, there are many, but you will absolutely get a 1099 for even a fraction of that amount.

JamesG1

Level 15

@user17750693608 is correct. But the first questioner may be referring to IRS Form 1099-K Payment Card and Third Party Network Transactions.

In December the IRS announced a delay in the implementation of $600 reporting threshold for third party payment platforms 1099-K.

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.

@user17750693608

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MinhT1

Level 15

The IRS has announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year.

This means that for returns for calendar years before 2023, a third-party settlement organization is not required to report payments in settlement of third-party network transactions with respect to a participating payee unless the gross amount of aggregate payments to be reported exceeds $20,000 and the number of such transactions with that participating payee exceeds 200.

Please read this Journal of Accountancy article for more information.

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kaylacretelAuthor

Level 2

I earned through donations through GiveButter and got less than $4K. I've read the article and it states that I may not even be issued a 1099. I tried to reach out to them to clarify and didn't get a clear answer. I'm ready to file but want to ensure I won't receive a form after I've filed.

user17750693608

Level 8

The reporting requirements of the third party settlements have been postponed, but it does not mean that third parties will definitely not issue you a 1099-K.

If this income is reportable income, you need to report it, 1099 notwithstanding.