Depending on what the payment is for will depend on how you will report it on your tax return. Please refer to our 1099-K section to determine how to report your specific 1099-K properly.
Why did I get a 1099-K?
Per the IRS, "Form 1099-K is a report of payments you got during the year from:
Credit, debit or stored value cards such as gift cards (payment cards)
Payment apps or online marketplaces (third-party payment networks)
Third-party payment networks are required to file Form 1099-K with the IRS and provide a copy to you when the gross payment amount is more than $20,000 and has more than 200 transactions. Form 1099-K should not report gifts or reimbursement of personal expenses you received from friends and family."