Did you receive your 1099 tax forms yet?

[Mks8]

Has anyone received there 1099 tax forms?

[Victor]

Hi @Mks8,

Thank you for getting in touch. Please note that 1099-K forms are only issued if your transactions through our payment processing solutions meet or pass the 1099-K threshold. The federal threshold is $20K processing volume and 200 transactions, and both of these metrics have to be to met in order to qualify. Some states have lower thresholds and these thresholds are set by the IRS and state tax authorities, not by Shopify.

In order to see if you are eligible, the account's store owner must look for a form under the Documents tab on your Shopify Payments payout page. You need to be logged in as the store owner in order to see this tab. If you do not see the form here, you likely did not qualify.

I hope this helps but please let me know if you have more questions.

[shopryleeroo]

Do you know if shop cash is counted towards the 20,000? Or just strictly Shopify payments through my website? 

[ProGaitWays]

I'm being told by Support that the $20K limit applies to tax year 2022, and the $600 limit applies to 2023. That doesn't make a lot of sense to me, as we have had to provide *our* contractors with a 1099 if paid over $600... and that's been the rule for years. Where did this $20K threshold come from?

Then I got a link with the skinny:

A. As outlined in Notice 2023-10, the IRS is delaying the implementation of the requirement for third party business reporting more than $600 threshold for the 2022 calendar year.

More specifically, the IRS is delaying the implementation of the provision of the American Rescue Plan Act of 2021 that:

• Lowered the threshold for reporting third party network transactions from aggregate payments exceeding $20,000 to aggregate payments exceeding $600 during the calendar year.
• Eliminated the 200 transaction threshold for reporting third party network transactions entirely.

..so I guess $20K is the threshold at this point (although I've been filing 1099's at the $600 level for years - but then, I'm not a third party network. 

[Vincent_Surace]

No, still waiting and trying to chat with customer service. Getting no where.

Did you get yours?