![]() Many PSEs send 1099-Ks to all their vendors, even if they’ve only processed a handful of transactions and fall well short of the $20,000 threshold. The IRS requires each payment settlement entity to send you a Form 1099-K by January 31 if it has processed at least $20,000 worth of payments and at least 200 transactions for you in the previous year.īut you still could receive 1099-Ks from some PSEs even when the form isn’t required by the IRS. And even freelancing platforms like Upwork that manage client payments for you.įorm 1099-K shows the value of the transactions the PSE has processed for you in the past year, as well as any expenses paid on your behalf by your clients.That includes tracking payments made via: ![]() On top of tracking business-related expenses, you’ll likely need to track income streams from several clients.įorm 1099-K tracks payments you’ve received through a payment settlement entity, or PSE. Tax season requires some planning and organization for everyone, and that’s especially true when you’re self-employed.
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