The platform you work with is required to file and provide you with a 1099 tax form, if you meet the following thresholds for the calendar year.
The federal thresholds for receiving a 1099 tax form differ per form type:
1099-MISC**/NEC: >= $600 USD
1099-K: > $20,000 USD
While most states follow federal thresholds, some have different filing requirements. Make sure to check with your platform about your state’s reporting thresholds.
On November 21st, the IRS announced that the 1099-K filing threshold will remain at 20,000 USD and 200 transactions for tax year 2023.
If the gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and based in the US or are a US taxpayer—payees should expect to receive a 1099-K, either through paperless delivery or paper mailing.
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.