But in 2025, that number is expected to soar. The IRS announced the reporting threshold for the 1099-K form will drop from $20,000 to $5,000 this tax filing season, plummeting each year until $600.
The IRS is moving forward with its new 1099-K tax reporting change. Here's what that means for you. Courtney Johnston Senior Editor Courtney Johnston is a senior editor leading the CNET Money team.