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Video instructions and help with filling out and completing IRS 1099-MISC 2022 vs. Form 1099-k

Instructions and Help about IRS 1099-MISC 2022 vs. Form 1099-k

Hi I'm mark Reeth ex-con income earned from self-employment such as gigs or freelance work is taxable but the 1099 miscellaneous and 1099 K forms don't always show up most businesses are required to send form 1099 miscellaneous both to the taxpayer and the IRS if the payments totals $600 or more a year but some businesses don't comply with the law other businesses including mini sharing economy platforms such as Amazon eBay and uber often use form 1099 K to report payments to taxpayers and the IRS but they don't have to send 1099 KS until total payments exceed $20,000 and there are more than 200 transactions a year some businesses send 1099 miscellaneous while others send 1099 K forms which can produce confusing results for the taxpayer for example a taxpayer can receive a 1099 miscellaneous form from say $800 from one gig company and not receive a 1099 K for say $19,000 of earnings from another gig company that's because the $800 was above one reporting threshold of $600 while the $19,000 was below the threshold of $20,000 now in this case the taxpayer is supposed to report the entire $19,800 as income on Schedule C of form 1040 for more information visit attacks com.

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