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

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?
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PatriciaV
Employee Tax Expert

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

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.

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1 Reply
PatriciaV
Employee Tax Expert

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

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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