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Millions More People Will Be Getting IRS 1099-K Forms in 2024

Nov. 15, 2023, 7:26 PM UTC
Samantha Handler
Samantha Handler
Reporter

Millions more freelancers, gig workers, and other taxpayers will be getting IRS 1099-K tax reporting forms next year due to a change in the law that broadens the scope of who must complete the document.

E-commerce platforms like Venmo, PayPal Holdings Inc., and eBay Inc. starting in 2024 are required to send 1099-K tax forms to users who have more than $600 in transactions. The 2021 pandemic relief law lowered the threshold from $20,000 and 200 transactions to $600. The new rule was supposed to kick in for tax year 2022, but the IRS delayed the effective date to ...

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