Published 1 year ago

What you need to know about the updated 1099-K tax form

Summary by Ground News

The 1099-K form was first issued in 2012 as it reports taxable income for goods sold through apps such as Venmo, PayPal, and CashApp. For years, an individual must have used third-party settlement organizations a minimum of 200 times with a gross collected amount of $20,000. Congress reduced the threshold to only $600 and one transaction as part of the American Rescue Plan.

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What you need to know about the updated 1099-K tax form

For years, an individual must have filed a 1099-K form after collecting more than $20,000 through apps like Venmo, but as part of the American Rescue Plan, Congress reduced the threshold to only $600.

1 year ago

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