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What is Form 1099-K?

SOLVEDby TurboTax366Updated April 06, 2022

Form 1099-K tracks payments you’ve received through a payment settlement entity (PSE) in the past year. These include payments made via:

  • Credit cards
  • Online payment services like Ebay, PayPal, and Venmo
  • Freelancing platforms like Upwork that manage client payments

Form 1099-K reports the gross amount of the transactions, but doesn't include any adjustments for credits, refunds, discounts, or fees.

You might receive a 1099-K if:

  • You accepted credit cards, debit cards, or pre-paid cards
  • You had over $20,000 in sales and more than 200 individual transactions through a third party processor
    • Next year (tax year 2022), this is changing to over $600 in sales

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