What are 1099-K and 1099-MISC forms?
1099-K and 1099-MISC are forms sent to you (and to the IRS) reporting income you earned as a freelancer.
1099-K forms are usually sent out from a payment-processing entity such as PayPal. These entities are required to send you a 1099-K if:
- you earned over $20,000 or
- you had over 200 transactions.
1099-MISC forms are sent out from people/companies who made payments to you. They're generally required to send you a 1099-MISC if they paid you at least $600.
Sometimes you may receive both a 1099-MISC and a 1099-K for the same income. Be careful and make sure you don't double report your income on your return.
Were you an Uber or Lyft driver?