Question

Should I submit a 1099-K even if it's for a small amount?

Forum|Forum|5 years ago
January 25, 2021
1 reply
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I submitted both my and my wife's W2s from our full-time jobs, but I received a 1099-K from a side gig where I made less than $3500. Is it important that I submit that 1099-K regardless of the amount, or is there a certain amount threshold where it's not required?

TurboTax Premier Online

N

npierson777

Yes, it is important to submit all your income even if the amount isn't substantial to avoid penalties. The 1099-K information was reported to the IRS and they will be looking to match it to your return. You can offset the income if you have qualified business expenses in connection with the business income.

You can learn more about 1099-K here:

How do I enter a 1099-K in TurboTax Online?