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Federal taxpayers who earn income not subject to withholding may need to make estimated tax payments during the year.
Keep a copy of the original form and all correspondence with the issuer for your records, the agency said. Don’t delay filing your tax return even if your 1099-K is incorrect, the IRS said.
A 1099-K form is a relatively new IRS income tax form that freelancers and business owners who earned more than $5,000 through third-party payment platforms in 2024 may receive.
A payment app or online marketplace like Zelle, Apple Pay, Cash app, etc., must send you a Form 1099-K if the payments you received for goods or services total over $5,000.
Form 1099-K reports various types of payments, which affect how you report your income on your Form 1040 and related forms and schedules. If you sold personal items, you will need to report them ...