Update for 2023 Profits
For the 2023 Tax Year, 1099-K reporting is still only required when the aggregate amount of payments is $20,000 or more and the number of transactions is 200 or more, and PayPal is responsible for issuing the 1099-K forms. For 2024, this will be updated to $600. Learn more here.
Update for 2022 Profits
For 2022 1099-K reporting, the reporting threshold was supposed to go down such that reporting would be required whenever the aggregate payments to a payee were $600 or more. However, the IRS delayed this.
For 2022, 1099-K reporting is only required when the aggregate amount of payments is $20,000 or more and the number of transactions is 200 or more, and PayPal is responsible for issuing the 1099-K forms. Learn more here.