Part 5/9:
- You will, however, receive Form 1099-NEC if you earned non-employee compensation exceeding the IRS threshold (which remains at $600 with more than 200 transactions).
How Will This Affect Tax Filing?
Since the thresholds for 1099-K reporting are effectively unchanged for 2023, most casual users and small-scale freelancers won't see additional reporting requirements this year.
Any income earned through side gigs or small business transactions exceeding $600 (and meeting the transaction count criteria) should be accurately reported as income on your tax return using the Form 1099-NEC or your own records.