Do I need a 1099-K if my income is received through an IRA or other specialized account?
We are aware that income submitted to specialized accounts, such as an IRA, should not be taxed. However, the American Rescue Plan Act of 2021 dictates any online payment facilitator submit a 1099-K report for any transactions exceeding $600. This report provides you with the earnings, but you can file or claim the income however is most accurate for your situation. We recommend reaching out to an accountant or tax specialist if you are not certain how to utilize the 1099-K report in your tax filings.