Avoid costly tax mistakes with your IRA. Learn how skipping IRS Form 8606 cost one investor $50,000—and how you can protect ...

For example, if your friends frequently reimburse you through Venmo for dinners out, Venmo may mistakenly flag your account as a business account and issue a 1099-K.

What are some examples of why I'm getting a 1099-K? 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 ...

For example, if you earned $10,000 in freelance income from a client, you'll likely receive a 1099-NEC tax form for nonemployee compensation that details your earnings.

Examples include someone who lives mostly off of Social Security income (SSA-1099), investment withdrawals (1099-B, 1099-DIV) or retirement account withdrawals (1099-R).

Common examples for when people could be surprised by a 1099-K include selling concert tickets for substantially elevated prices, like those for the Taylor Swift Eras Tour, which ran through 2024.

Under the old standard, the 1099-K was only sent to those who had received more than $20,000 and had more than 200 transactions on third-party payment processing platforms in 2023 and earlier years. A ...

Common examples for when people could be surprised by a 1099-K include selling concert tickets for substantially elevated prices, like those for the Taylor Swift Eras Tour, which ran through 2024.

For the 2024 tax year, you’ll receive a 1099-K if you earned at least $5,000 on at least one app or platform. If you used multiple apps, you’ll receive multiple 1099-Ks.

Common examples for when people could be surprised by a 1099-K include selling concert tickets for substantially elevated prices, like those for the Taylor Swift Eras Tour, which ran through 2024.