Name: Gig Workers, Causal Online Sellers to Pay More Taxes in 2024 Unless Congress Takes Action
Uploaded: 2024-10-12T03:07:51.000Z
Description: The Internal Revenue Service is set to lower the 1099-K form reporting threshold from $20,000 to $5,000 for the 2024 tax year, which means gig economy workers and low-revenue online retailers could have to pay taxes where they previously weren’t required to.

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The Internal Revenue Service is set to lower the 1099-K form reporting threshold from $20,000 to $5,000 for the 2024 tax year, which means gig economy workers and low-revenue online retailers could have to pay taxes where they previously weren’t required to.

NTD spoke with Demian Brady, vice president of research at the National Taxpayers Union Foundation, about how the change will impact these earners.

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