Q&A of the Week July 24, 2024

Question

I didn’t receive a form 1099-K. Do I still need to report one?

Answer

Yes! You will still need to report it!

According to federal law, all income is taxable unless it is specifically excluded by tax law. 

Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K. People may receive a Form 1099-K from payment apps or online marketplaces they used to sell goods or services, or accepted payments from a bank card.

For more information: https://www.irs.gov/newsroom/irs-never-mind-the-myths-know-the-facts-about-receiving-a-form-1099-k-in-2024