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January 9, 2023 10:46 pm
IRS Delays Lower Threshold for 1099-K Report
Credit card processors and other third-party settlement organizations (e.g., PayPal) were supposed to report transactions in 2022 exceeding $600 on Form 1099-K. However, the IRS has postponed this threshold for 2022 (IR-2022-226). As a result, reporting will be made under the prior threshold: at least 200 transactions totaling more than $20,000. The $600 threshold, without regard to the number of transactions, will apply after calendar year 2022.
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Tax Glossary
High deductible health plan (HDHP)
For 2007, a high deductible health plan is a health plan with an annual deductible that is not less than $1,100 for self-only coverage or $2,200 for family coverage, and with annual out-of-pocket expenses that do not exceed $5,600 or $11,200, respectively.
