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2023 1099K- I did not meet my state requirements this year but still received one. Why?
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From the link :
For the 2020, 2021, 2022, and 2023 reporting periods, you are required to submit Forms 1099-K, Payment Card and Third Party Network Transactions, issued to a payee with an Illinois address electronically if:
Or,
the payee has four or more separate
transactions, and the cumulative total
exceeds $1,000
the bullet a point about federal tax changes is irrelevant to Illinois requirements and is stated
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I didn't hit the federal or state threshold but still received a 1099k for $1582.77 worth of goods and services payments for 2023. plus they took 24% and sent it to the irs lol they are going to **bleep** your taxes up and sadly to say they can send the irs what they want about you. even if it is wrong.
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Assuming your name indicates your state of residence, Illinois has a threshold of $1,000 from 4 or more transactions for reporting. Were you below both $1,000 and 4 transactions?
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https://tax.illinois.gov/content/dam/soi/en/web/tax/research/publications/pubs/documents/pub-110.pdf
Notice
2023-74 announced the delay of the
new $600 Form 1099-K reporting
threshold for third party settlement
organizations for calendar year 2023.
Reporting will not be required unless
the taxpayer receives over $20,000
and has more than 200 transactions
in 2023. The IRS is planning for a
threshold of $5,000 for tax year 2024
as part of a phase-in to implement the
$600 reporting threshold); or
• the payee has four or more separate
transactions, and the cumulative total
exceeds $1,000.
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From the link :
For the 2020, 2021, 2022, and 2023 reporting periods, you are required to submit Forms 1099-K, Payment Card and Third Party Network Transactions, issued to a payee with an Illinois address electronically if:
Or,
the payee has four or more separate
transactions, and the cumulative total
exceeds $1,000
the bullet a point about federal tax changes is irrelevant to Illinois requirements and is stated
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Hello @willinois, @pkillinois, and everyone,
Thank you for visiting PayPal's Community Forum. Thank you for your help on this thread so far @Pellz86. We appreciate it! I hope I'll be able to fill in any missing details here.
If your account's activity have met the thresholds to generate a 1099-k, you'll see your tax forms in your PayPal account on or by January 31st. You can find all current 1099-k Reporting Thresholds here. Any Crypto gains and loss statement should be available around February 15. An email notification will be sent out once your tax forms are available. You won’t receive a tax form if you didn’t meet the reporting requirement for the tax year.
For more information on which transactions are included in your 1099-k, as well as which a brief summary of the 1099-k form, please review the following Help Center article: Will PayPal report my sales to the IRS?
Here's another great article you may find useful: What if the amount reported on my Form 1099-k is incorrect?
I hope that helps!
- Jon K
If you find this or any other post was helpful, make our community better by giving kudos or accepting it as a solution.
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