2023 1099K I did not meet my state requirements this year but still received one

[willinois]

2023 1099K- I did not meet my state requirements this year but still received one.  Why?

[PayPal_JonK]

Hi @willinois,

Great question. PayPal fills out the 1099-k and send copies to the IRS and to you. You would need to consult a tax professional for guidance on which filing (state and/or federal) you would report your 1099-k on. 

Based on this article on IRS.gov on Understanding your 1099-k, you should "use Form 1099-K along with other records to help you figure and report your taxable income when you file your tax return." I also found this article on IRS.gov you may find useful: What to do with Form 1099-K. 

Best wishes,

 - Jon K

[willinois]

Thanks, good information. I report to both anyhow, both wanting to know how close I need to reconcile the numbers.

[Pellz86]

“Or” is the critical word in that statement.

[pkillinois]

I have the same problem and the amount reported each month does not match my payments received from services.. it also seems to include payments I made to walgreens/shein etc.. Shouldn't this exclude these and friends and family payments? Can someone help me understand what payments are included?

[willinois]

link i meant