{"id":3849,"date":"2022-12-05T09:49:54","date_gmt":"2022-12-05T15:49:54","guid":{"rendered":"https:\/\/midlandldu.com\/?p=3849"},"modified":"2022-12-05T09:49:55","modified_gmt":"2022-12-05T15:49:55","slug":"irs-form-1099-k-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.midlandldu.com\/en\/irs-form-1099-k-what-you-need-to-know\/","title":{"rendered":"IRS Form 1099-K: What You Need to Know"},"content":{"rendered":"\n<p>Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods. The American Rescue Plan Act of 2021 lowered the reporting threshold for third-party networks that process payments for those doing business. Prior to 2022, Form 1099-K was issued for third-party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. Now a single transaction exceeding $600 can trigger a 1099-K. The lower information reporting threshold and the summary of income on Form 1099-K enables taxpayers to more easily track the amounts received. Remember, money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. Those who receive a\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/understanding-your-form-1099-k\">1099-K<\/a> reflecting income they didn\u2019t earn should call the issuer. The IRS cannot correct it.<\/p>\n\n\n\n<p>Original Article: https:\/\/www.irs.gov\/newsroom\/get-ready-now-to-file-your-2022-federal-income-tax-return<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods. The American Rescue Plan Act of 2021 lowered the reporting threshold for third-party networks that process payments for those doing business. Prior to 2022, Form 1099-K was issued for third-party payment network transactions only if the total [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":["post-3849","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/posts\/3849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/comments?post=3849"}],"version-history":[{"count":2,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/posts\/3849\/revisions"}],"predecessor-version":[{"id":3852,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/posts\/3849\/revisions\/3852"}],"wp:attachment":[{"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/media?parent=3849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/categories?post=3849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.midlandldu.com\/en\/wp-json\/wp\/v2\/tags?post=3849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}