1099k

[Filipinainus]

Hello just wanna make sure I don’t need the 1099k form this year . I have side hustle making food and I’m using cashapp and I earned $1,050 using cashapp as my payment method . Thank you in advance. If anyone have same experience or know anything about it. 

[JamesG1]

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.