Hi Sellers!

Tax season may be over, but we think learning about your business taxes can be valuable year round. Let's dive into some crucial updates about 1099-K forms and what they could mean for you.

⚠️ Important Disclaimer: While we're providing helpful resources, Amazon cannot offer specific tax advice. Please consult with a qualified tax professional for personalized guidance.

What is a 1099-K form?

Form 1099-K is a report of payments you usually get for goods or services during the year from:

1. Credit, debit or stored value cards such as gift cards (payment cards).
2. Payment apps or online marketplaces, also called third party settlement organizations or TPSOs.
3. These organizations are required to fill Form 1099-K and send copies to the IRS and to you.

What's New for 2024?

1. The IRS has implemented an interim $5,000 reporting threshold for calendar year 2024.
2. This is a significant change from previous years' requirements.

Note: Some states may have different reporting thresholds.

Key Things You Need to Know:

1. All selling partners must complete the Tax Information Interview to verify your taxpayer identity information, regardless of sales volume.
2. Forms are available by January 31st each year.
3. You can choose electronic delivery for faster access.
4. Reports include unadjusted gross sales (including shipping, gift wrap, and taxes).

How to Access Your Forms:

1. Go to the Reports section in Seller Central.
2. Select Tax document library.
3. Choose the appropriate year.
4. Select Form 1099-K.
5. Click Download PDF.

Important Reminders:

1. Keep your tax information current.
2. Non-US sellers need to maintain valid Form W-8.
3. Multiple seller accounts with the same TIN will be consolidated.
4. Monitor your unadjusted gross sales throughout the year.

Key Resources and Links:

1. Income Reporting & Tax Identity Collection FAQ
2. US Tax Interview FAQ
3. Understanding Transactional Details FAQ
4. Form Generation and Payee Information FAQ

More questions about your tax documents? Share them below, and we'll point you toward helpful resources!

Remember: This information is for educational purposes only. For specific tax guidance, please consult with a qualified tax professional.

Best,

Connor