If I Have A Holiday Craft Business, Will I Receive A Form 1099-K?

Yes, you may receive a Form 1099-K depending on the type of transactions.

According to the IRS, if you accept payment cards (for example, credit card or debit cards) as a form of payment for goods you sell or services you provide, you will receive a Form 1099-K for the gross amount of the payments made to you through the use of a payment card during the calendar year. This reporting requirement has not changed, and there is no minimum reporting threshold for these payments to trigger a reporting requirement.

Further, for calendar years after 2021, if you accept payments from a third party settlement organization, you may receive Form 1099-K from that organization. A third party settlement organization connects the parties together (for example, an internet sales site),” explains Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®

You will receive a Form 1099-K if you accepted payments from a third party settlement organization where,

• the total number of your transactions exceeded 200, and
• the aggregate amount of payments you received with respect to any participating payee exceeded $20,000 in the calendar year.

Read more: Form 1099-K Frequently Asked Questions: Individuals

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