A 1099-K form is a relatively new IRS income tax form that freelancers and business owners who earned more than $5,000 through third-party payment platforms in 2024 may receive.

Not sure what an IRS 1099 tax form is? Don't worry, ... If you've been freelancing for years and no longer receive a 1099-MISC form but receive this one instead, that's why.

Form 1099-MISC reports miscellaneous payments, ... What to do if you don’t receive your IRS Form 1099. If you haven’t received your Form 1099, don’t panic.

The threshold is currently set to drop again in 2025, which means you'd receive a 1099-K during next year's tax season if you have transactions for more than $2,500 this year.

Form 1099-MISC was previously also used to document nonemployee compensation, but this was discontinued in 2020 when Form 1099-NEC was reintroduced. ... you'll also receive this tax form. 1099-Q.