Tax forms

Jan-Jun

Monthly expense organizer

Jul-Dec

Monthly expense organizer

2025 W-4 Form

1099-K Reporting Threshold - New Rules and Changes

Beginning Jan. 1, 2024, these thresholds dropped significantly. With the change, payment platforms (like PayPal®, Square®, Venmo, etc.) must report payments totaling $5,000 or more in a calendar year, with no transaction minimum. This is part of a phase-in process by the IRS to eventually implement the $600 threshold originally brought about by the American Rescue Plan. As of November 2024, the IRS has issued new guidance for tax years 2025 and 2026 — the 1099-K threshold will drop to $2,500 in 2025 and finally $600 in 2026 unless the IRS makes more changes.

If you meet the applicable threshold, you’ll receive Form 1099-K from a payment app or online marketplace. This is an informational tax document detailing the gross amount of all your reportable transactions.

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