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Current Info On 1099 Reporting Rules

sgt1372

Platinum Member
Joined
Oct 16, 2018
Messages
8,226
This was news to me and for those of you who didn't already know . . .

FYI, the IRS never implelented the change to the $600 reporting rule for 1099s in order to comply with the new "law" that was passed in 2021. So, the 1099 reporting limit for 2023 is still $20,000 and, subject to further changes, the IRS is currently planning to phase in the rule by reducing the limit to be $5,000 in 2024 and $600 in 2025.

See: Do You Use Paypal or Venmo? The IRS Is Giving You A Break
 
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