Taxpayers may receive a Form 1099-K

Taxpayers who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K in January 2025. IRS will also receive a copy of your Form 1099-K.

There have been no changes to the taxability of income. All income, including proceeds from part-time work, side jobs or the sale of goods and services is taxable.  Taxpayers must report all income on their tax return unless it’s excluded by law, whether they receive a Form 1099-K, a Form 1099-NEC, Form 1099-MISC, or any other information return.

It is important for taxpayers to understand why they received a Form 1099-K and how to use it along with their other records to figure and report the correct amount of income on their tax return. It is also important for taxpayers to know what to do if they received a Form 1099-K but shouldn’t have. In either situation, good recordkeeping is key and will help make tax filing easier.

See What to do with Form 1099-K for more information.