Venmo, eBay and PayPal all confirmed to FOX Business that they do not send Form 1099-Ks unless required by law. So why are some people below the IRS filing threshold getting a form?
Tax experts speculate some smaller companies may have been unwilling or unable to adjust their systems to comply with the IRS end of the year change and decided to send out forms since there is no penalty for sending a Form 1099-K when it is not required.
"In addition, some platforms may still voluntarily issue a Form 1099-K to taxpayers even if they do not meet the higher threshold. Lastly, a Form 1099-K would be issued if the platform withheld any income tax during the year," Phillips said.O’Saben works with an Illinois firm that prepares thousands of tax returns every year. He said 1-2% of clients have come in with a Form 1099-K, though it is early in the tax season.
The IRS considers all income taxable. They will want to see a Form 1099-K on your return. However, you do not pay tax unless you make a profit.
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