The New Rules of the US Form 1099-K in 2023
The season of filing 2022 tax return is around the corner. The IRS reminds that the taxpayers should know the rules of Form 1099-K are changed in 2023.
Before 2022, taxpayers receive Form 1099-K only when your total transactions number exceeded 200 and the aggregate income of these transactions exceeded $20,000 from third-party networks in the tax year.
In 2023, if your income exceeds $600 from part-time work, side jobs, the sale of goods, providing services or third-party networks, you will receive the Form 1099-K before Jan 31, 2023. Taxpayers should file the earned income in Form 1099-K to the IRS in 2023 whether they should pay the tax or not. If there is a deductible item, taxpayers can use it to deduct the tax.
USCPA Sophie Luo (羅霞) reminds you that if you receive Form 1099-K, but you don’t have this income, you have to contact the issuers. The IRS can’t revise it for you.
If you have any questions or need any further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
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