Received 1099-K although I did not meet reporting requirements.

nick_1701
Contributor
Contributor

I have received a 1099-K for an account that is closed now. In the year 2019, according to the 1099-K that I have received, it is mentioned that there were a total of 42 transactions and a total gross payment of $1044.58 . I live in Minnesota and not in Massachusetts or Vermont which have special requirements for reporting. I am confused as to why I received this form and whether I need to report this to the IRS. 

 

The IRS Guidelines state the following : 

 The gross amount of total reportable payment transactions
exceeds $20,000, and
• The total number of such transactions exceeds 200 

 

 

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1 REPLY 1

treb0002
Contributor
Contributor

Did you figure out why you got the tax form when you were under 200 transactions and under 20,000$?

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