I expected to receive a 1099-K tax form for 2023 but didn’t, why not?

The recently announced IRS delay in lowering the 1099-K reporting threshold may mean that you’re no longer eligible to receive a 1099-K tax form for the 2023 tax year.

Please note: This change does not apply to 1099-NEC and 1099-MISC thresholds, which remain at $600 USD. If you're not sure which form type you will receive, please reach out to your platform.

On November 21, 2023, the IRS announced [0] a delay to the lowering of the 1099-K reporting threshold. This means that for tax year 2023, the 1099-K filing threshold will remain as it was last tax year: Platforms will only be required to file 1099-K forms for accounts which have processed total gross volume greater than 20,000 USD and 200 transactions.

If you have successfully provided a Form W-8, documenting your Non-US tax status, this would also result in you not receiving a 1099-K form.

Many platforms began working with Stripe as early as October to contact individuals and businesses that had crossed the previously announced $600 USD threshold. If you received an email from Stripe Express inviting you to take action to receive your 2023 1099-K tax form but have not yet received the form itself, it could be that you were impacted by this late threshold change. You will need to check with your platform to confirm whether or not you met the federal and/or state threshold eligibility requirements.

You can learn more about 1099 tax forms in Stripe Express by checking the resources below.

Where is my 1099 tax form?

1099 tax forms eligibility for Stripe Express

When will I receive my 1099 tax form?

Please note: This change does not apply to 1099-NEC and 1099-MISC thresholds, which remain at $600 USD.

[0] https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting.