As the facilitator of your Op payments, this year the IRS regulatory requirements for Veryable's generation of 1099-Ks are based on transaction volume and earnings. For the 2023 earning period, you will only be able to request a 1099-K on January 31, 2024 if you had 200+ payouts (transactions) AND $20,000+ total payouts from all worked Op(s). All qualified recipients for this year will be able to check their eligibility status and request their copy of their 1099-K through the app starting on 1/31/24.
For more instructions on how to pull your 1099 and check your eligibility status, please check out this article. The “Request a Copy” button will take you to a screen that will allow you to request your 1099-K email link if you meet the regulatory requirement.
Some Operators may still be required to report earnings even if a 1099-K is not generated for them. Please consult your tax professional about your personal requirements. Total 2023 earnings will be shown in the app for easy reporting – this is found on the same screen where you can request your 1099.
For more information about this year’s policy difference, please check out the following link to the IRS’s website: https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k.