January 9, 2023 10:46 pm

IRS Delays Lower Threshold for 1099-K Report

Credit card processors and other third-party settlement organizations (e.g., PayPal) were supposed to report transactions in 2022 exceeding $600 on Form 1099-K. However, the IRS has postponed this threshold for 2022 (IR-2022-226). As a result, reporting will be made under the prior threshold: at least 200 transactions totaling more than $20,000. The $600 threshold, without regard to the number of transactions, will apply after calendar year 2022.

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A final payment on a loan in one lump sum.

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