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If you're receiving payments on platforms like Venmo or PayPal, you'll likely get 1099-Ks at tax time. What are they and what do they mean for you.

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 is required to send you a Form 1099-K if the payments you received for goods or services total over $5,000.

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.

Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000.

Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000.

1099-K tax rules: What to know if you get paid via Venmo or PayPal A change to the reporting requirements for IRS Form 1099-K will impact millions of taxpayers ...