I sell products online through Etsy. TurboTax and Etsy are telling me different things regarding receiving a 1099K Form.

[jessica-rogers93]

TurboTax is telling me I will receive a form if i sell more than $600. Etsy is telling me they will only send a 1099K form if I sold over $20,000.. Which is correct? If i do not have a form can i still enter my own income/expenses?

[PatriciaV · Accepted solution]

Yes, the IRS rules for Form 1099-K allow a payment processor to set a minimum dollar amount of at least $20,000 when sending the form to payees. (See IRS 1099-K Instructions)

If you believe you have a record of all transactions from the payment processor (in your case, Etsy), then you are not required to have a 1099-K in order to file. As long as you report all your income, you have satisfied the IRS requirements.