The IRS cannot correct the information on the 1099-K, but it provides guidance on what to do if it’s incorrect. If you do receive a 1099-K in error, contact the payer immediately. The IRS states that the 1099-K is not applicable to personal transfers, such as gifts or reimbursements between friends and family. If you receive a 1099-K in error for transfers from friends or family, it’s best to address it on your tax return rather than waiting for issuers to send a corrected form. So let’s dive in and get started! Overview We’ll also cover business transfers, downloading forms and more. In this article, we’ll be discussing the IRS reporting requirements and the implications for receiving forms in error. It’s important to know what to do if you receive a 1099-K form in error, or how to report it on your taxes.ĭon’t worry: we’ve got you covered. Hey there! You may have heard about the changes to 1099-K forms for Venmo and PayPal payments.
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