As part of the $1.9 trillion stimulus package in 2021, Congress significantly lowered the dollar threshold to trigger a 1099-K form. In previous years, payment platforms were required to issue them only if a person earned at least $20,000 and had at least 200 transactions.

But starting in 2022, the benchmark was reduced to $600, and there is no longer a requirement tied to the number of transactions. This means if you sell more than $600 in earrings on Etsy, you’ll receive a 1099-K in January.

Many people will be getting a 1099-K for the first time next year.

[Meanwhile, the same government is twiddling its thumbs over multi-billion-dollar scams like FTX and letting politically connected malefactors like Sam Bankman-Fried run loose. Just remember who to thank for this in 2024. — Ed]