1099-K 2023

What's New for 2023

While there have been no updates to the 1099-K form itself for tax year 2023, the change lowering the reporting threshold from $20,000 to $600 in payments, with no transaction limit. This change was signaled last tax year but was deferred. The new lowered reporting threshold will be in effect for tax year 2023.

UPDATE: As of 11/21/2023, the IRS announced in Notice 2023-74 that it will again delay the implementation of the $600 1099-K reporting threshold for third party settlement organizations. For tax year 2023 transactions reported in 2024, the old threshold of $20,000 and 200 transaction will apply.
- The IRS news release can be found here.
- Notice 2023-73 can be found here.
- Fact sheet 2023-27 can be found here.

Field Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
2nd TIN Notice	1	Checkbox	2nd TIN Notice	X / Y / T / 1 = Checked
Payment Card Chkbox	1	Checkbox	Payment card	X / Y / T / 1 = Checked
3rd Party Chkbox	1	Checkbox	Third party network	X / Y / T / 1 = Checked
Box 1a Amount	12	Amount	Box 1a: Gross amount of payment card/third party...
Box 1b Amount	12	Amount	Box 1b: Card Not Present transactions
Box 2 MCC	4	Numeric	Box 2: Merchant category code	See IRS Instructions
Box 3 Number	13	Number	Box 3: Number of payment transactions
Box 4 Amount	12	Amount	Box 4: Federal income tax withheld
Box 5a Amount	12	Amount	Box 5a: January
Box 5b Amount	12	Amount	Box 5b: February
Box 5c Amount	12	Amount	Box 5c: March
Box 5d Amount	12	Amount	Box 5d: April
Box 5e Amount	12	Amount	Box 5e: May
Box 5f Amount	12	Amount	Box 5f: June
Box 5g Amount	12	Amount	Box 5g: July
Box 5h Amount	12	Amount	Box 5h: August
Box 5i Amount	12	Amount	Box 5i: September
Box 5j Amount	12	Amount	Box 5j: October
Box 5k Amount	12	Amount	Box 5k: November
Box 5l Amount	12	Amount	Box 5l: December
Box 6 State	2	Text	Box 6: State Name	Use state abbreviation
Box 7 ID Number	20	Text	Box 7: State Identification Number	Given by State Department of Revenue
Box 8 Amount	12	Amount	Box 8: State Income Tax Withheld
See Form Common Fields			Form fields common to all form types.

IRS 1099-K Form: https://www.irs.gov/pub/irs-pdf/f1099k.pdf