The platform that 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 for each form type:
1099-MISC**/NEC: >= US$600
1099-K: > US$20,000
While most states follow federal thresholds, some have different filing requirements. Make sure that you check with your platform about your state's reporting thresholds.
On 21 November, the IRS announced that the 1099-K filing threshold will remain at US$20,000 and 200 transactions for tax year 2023.
If the gross amount of total reportable payments exceeds US$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 post.
This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor if you have any questions or concerns related to tax reporting.