I live in Vermont or Massachusetts, what are the Form 1099-K reporting requirements?

The following information provides responses to common questions you may have about Form 1099-K reporting requirements if you live in Vermont or Massachusetts.

I updated my address to Vermont or Massachusetts recently, will PayPal file a Form 1099-K with respect to the activity in my PayPal account?
The copy of the Form 1099-K that you receive is based on your primary account address on the last day of 2017.  If you changed your primary address to Massachusetts or Vermont after that date, your account activity will be captured in Form 1099-K reporting for the following tax year.

I closed my account, will I still receive a Form 1099-K?
A Form 1099-K will be issued if your account reached reportable thresholds before it was closed.

Where can I find more information on the reporting requirements for Vermont and Massachusetts?
You can find more information about the reporting requirements for Vermont and Massachusetts that became effective in 2017 using the links below.
Massachusetts: https://www.mass.gov/service-details/new-massachusetts-reporting-requirements-for-third-party-settlement-organizations
Vermont: http://tax.vermont.gov/news/1099-k-information-reporting

How do I dispute the income amounts on the Form 1099-K issued to me?
If you’d like to dispute the income amounts on your Form 1099-K, please contact us by clicking Help & Contact at the bottom of any PayPal page.

Will my income be reported to the IRS?
The IRS reporting thresholds at the federal level haven’t changed, and US account holders whose payments exceed both US $20,000 in gross payment volume from sales of goods and services in a single year and 200 separate payments for goods and services in the same year are reportable.  If your account didn’t reach the federal reporting thresholds, but did reach the revised state reporting thresholds, reporting would only be issued to Vermont or Massachusetts, as applicable.

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