Hi there! So, starting in January 2022 is the new threshold for receiving a 1099K. I just have a few questions about that. First, anyone can receive this correct? Meaning, you don't have to be a business or anything similar to receive one...right? And if so, how does that work?
Also, does the 1099K show the amount of tax you'll owe, or do we have to figure that out? If so, how do we figure that amount out?
No, it shows gross sales receipts broken down by months and in total. You’ll have to figure out the tax you’ll owe. To figure it out read the instructions that comes with the tax return form, use tax prep apps online such as turbo tax or consult a tax professional.
