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mmss1053
February 3, 2025
Question

My 1099-K is 1221.30 gross amount.Do I have to include it since it is less than 5000?

  • February 3, 2025
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    xmasbaby0
    Employee
    February 3, 2025

    Yes, you do have to include it.  That is taxable income.   You do not get to exclude taxable income -- not even small amounts.  Remember that the 10999K was also reported to the IRS with your Social Security number--and the IRS expects the amount of income on your tax return to match the amount that was reported to them by employers, clients, banks, brokerages, etc. etc. etc.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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