Did you get a 1099-K? New IRS rules will impact millions of gig workers and freelancers

The proliferation of third-party payment apps combined with a lower income threshold set by the IRS means you may receive a 1099-K this year. Here’s how it may affect your 2024 tax return.

Somewhere between 25% and 35% of working Americans are gig workers–either as a supplement to their primary income or as their full-time job. And for many gig economy workers, cash apps and marketplaces offer a simple and convenient way to receive payments. Enter the IRS form 1099-K.