1099-K FAQ
Form 1099-K thresholds for your 2024 sales
For the tax year 2024, you will receive a Form 1099-K if any of the below apply:
- You had more than $5,000 in sales.
- You didn't give us your SSN, ITIN, or EIN and we withheld your payments, or your payments were subject to withholding.
- You reside in a State that has a lower reporting threshold than the Federal reporting threshold. Check with your state’s tax or revenue department to confirm the Form 1099-K threshold for your state.
Tax education
The following is for educational purposes only. TCGPlayer is unable to give tax or legal advice to our sellers, however, we want to help make dealing with filing your taxes as easy as possible. Our goal is to help all sellers, from casual sellers to those selling as a business, with these new requirements. Please reach out to a tax professional if you have any questions or concerns about any tax filing or regulations.
Form 1099-K basics
Know your numbers
The IRS requires us to collect a Tax Identification Number (TIN) for each seller account, which can be an SSN, ITIN, or EIN.
- Social Security number (SSN). A Social Security number is the number the Social Security Administration issues to eligible individuals. The IRS uses this number for tax purposes.
- Individual Tax Identification Number (ITIN). An Individual Tax Identification Number is the number the IRS issues to individuals not eligible to get an SSN. The IRS uses this number for tax purposes.
- Employer Identification Number (EIN). An Employer Identification Number, also known as a Federal Employer Identification Number of (FEIN), is the number the IRS issues to businesses. The IRS uses this number for tax purposes.
What happens if I don’t provide my SSN, ITIN, or EIN?
TCGplayer is required to collect your TIN (SSN, EIN or ITIN). If you don’t provide us with your TIN, your payouts will be put on hold and we will deduct backup withholding from your payments.
How does this affect me if I am not a US Citizen or resident?
These 1099-K reporting requirements would generally not impact you if you are a non-US resident selling on TCGplayer. However, you may be required to provide a Form W-8 to TCGplayer in order to claim non-US status.
What is a Form 1099-K?
Form 1099-K is a document that taxpayers receive to report payments that payers like TCGPlayer make to you. It reports the gross amount of all payments within a calendar year. The gross amount includes all income and does not exclude credits, discounts, fees, refunds, etc. In 2025, for calendar year 2024, we will send you a Form 1099-K if: 1) you sell more than $5,000, 2) you didn't give us your SSN, ITIN, or EIN and we withheld on your payments or your payments were subject to withholding or 3) you reside in a state that has a lower reporting threshold than the Federal reporting threshold for 2024 and have met that threshold.
Why do I need a Form 1099-K?
For 2024, the IRS requires TCGPlayer and other online marketplaces to report total sales exceeding $5,000 on Form 1099-K. Use the Form 1099-K that TCGPlayer sends to you when determining whether you have taxable income from the sale of goods.
What does a Form 1099-K include?
If your total sales on TCGPlayer exceed the Federal reporting threshold of $5,000 in 2024, your Form 1099-K will include your total sales amount for all goods you sold during the calendar year. This includes shipping costs, credits, cash equivalents, discount amounts, fees paid to TCGPlayer, and refunded amounts.
When can I expect to receive a Form 1099-K?
Your Form 1099-K will be issued by January 31 for payments received during the prior year. It will be mailed to you and also available to download. You will receive an email when it’s ready for download.
Will I have to pay taxes if I receive a Form 1099-K?
We can provide you with transaction information but we’re unable to give you tax, legal or accounting advice. Please consult a tax professional with any questions regarding your income tax return or amounts subject to income tax.
What happens if I have multiple accounts?
If you have multiple TCGPlayer accounts associated with the same SSN or ITIN, the Form 1099-K reporting threshold will be calculated by combining all transactions for all accounts for each calendar year. If your combined sales for 2024 are more than $5,000, you’ll receive a Form 1099-K for each account, even if one or more of the individual accounts does not exceed the IRS reporting threshold. The same applies if you reside in a state that has a lower threshold than the IRS threshold.
Do states have different requirements for Form 1099-K reporting?
Some states have lower reporting thresholds than the IRS. It might be a good idea to check with your state’s tax or revenue department to confirm the Form 1099-K threshold for your state. TCGplayer complies with both federal and state reporting requirements.
Where can I find more information about Form 1099-K?
Here are some general IRS FAQs on this topic.