Glossary
Form 1099-K
A form payment apps and marketplaces send when your payments for goods or services cross a threshold.
Form 1099-K reports the gross amount a third-party settlement organisation processed for you — before platform fees, commissions, or refunds come out, which is why the figure often exceeds what reached your bank. The reporting threshold has changed repeatedly in recent years and currently stands at more than $20,000 across more than 200 transactions. A platform may issue one below that level. Receiving no form does not make income tax-free: all self-employment income is reportable regardless.