IRS Form 1099-K Mistakes: How to Fix Discrepancies on Your Tax Return?
Are you surprised that your tax bill jumped because of a 1099-K? It’s happening a lot with the new rules. If you sell online or freelance and get paid digitally, you might see one of these forms and errors happen. Knowing how to fix them makes tax time way less stressful and can save you from headaches and money problems. What Exactly Is Form 1099-K and Why Are You Getting One? The 1099-K form is basically the IRS’s way of tracking money you get through credit/debit card transactions or platforms like PayPal, Venmo, Etsy and eBay. It’s how they make sure everyone’s reporting their income correctly. There’s been a tweak on 1099-K reporting for 2024 taxes. You’ll get the form if you made $5,000 or more through payment apps or online marketplaces, no matter how many transactions. This is a temporary setup before it drops to $600 in 2025 (plans could change though). Basically, that $5,000 mark for 2024 is kind of a bridge between the old rule and the future one. The 1099-K form is fo...
