$600 1099-K Threshold FAQs (3/3)

Here is an answer to one of the most common questions about the new over $600 1099-K rule.

Why have I never gotten 1099-K forms from payment processors before?

Prior to tax year 2022, the IRS only required third-party payment processors to file Form 1099-K for individuals and businesses that received over $20,000 in gross payments in a year. As a result of the dramatic lowering of this threshold, many people who have never received a 1099-K form will get one for 2022.