1099-K: What You Need to Know

Form 1099-K is used to report certain payment transactions. Here’s what to know about the form and what to do when you receive one.

Picture of a 1099-K Form
(Image credit: Getty Images)

IRS Form 1099-K gets a lot of attention each tax season. That’s in part because the 1099-K form is used to report certain payments from payment cards and third-party network transactions. And millions of people use third-party networks each year (think Venmo, PayPal, Cash App, Stripe, etc.) for both business and personal transactions.

But the 1099-K has received attention even before the current tax season started because of a new $600 reporting threshold for the form that is expected to apply for 2023. So, it’s important to know what the 1099-K form is and what to do when you do (or don’t) receive one.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.