Ask an AI Accountant

A free tool by

Question
I switched my personal account to my LLC, will I receive 2 1099-Ks?
AI accountant’s answer:
It depends on the payment processing companies that you used for your personal account and your LLC account. If both accounts were active during the tax year and exceeded the reporting threshold for the payment processing companies, then yes, you could receive two separate 1099-K forms – one for your personal account and one for your LLC account. Starting from the tax year 2023, the reporting threshold for Form 1099-K has been lowered. Payment processors are now required to send a 1099-K if a taxpayer has more than $600 in gross payment transactions during the year, regardless of the number of transactions. Keep in mind that reporting thresholds and requirements may vary by state. Make sure to report the income from both 1099-K forms on your tax return, attributing the income correctly to your personal account (Schedule C or another appropriate form) and your LLC account, depending on your LLC's tax structure. If you have any questions or concerns, it's always a good idea to consult a tax professional for guidance on your specific situation.
Comment from reviewer
Isaiah McCoy, CPA
Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Estimate tax saving

Track and claim every eligible deduction with Keeper

Keeper is the top-rated all-in-one business expense tracker, tax filing service, and personal accountant.