The IRS has changed the 1099-K threshold for tax year 2024. Taxpayers and small businesses will receive a Form 1099-K from payment providers for tax year 2024 if they are based in the U.S. and the gross amount of reportable card payments is $5,000 or more.
NOTE – prior to calendar year 2024, the IRS 1099-K threshold applied to merchant accounts based in the U.S. and having $20,000 USD in total gross volume and 200 transactions.
For tax year 2024, you’ll get a Form 1099-K if you are based in the U.S. and the gross amount of reportable card payments is $5,000 or more.
