Do I Need to File a 1099-K Form with the IRS?

This year, taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when the amount of their business transactions during 2024 was more than $5,000. IF you have sold something online or taken a payment through an online app, like PayPal or Venmo, you might get this form.  Next year, the limit will be $2,500 and above.  Don’t throw the form away if you are sent one in the mail.