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Forum|Forum|1 year ago
September 25, 2024
4 replies
33 views

Can someone help me understand this statement from venmo, “the reporting threshold for the 2023 tax year will return to $20,000 and 200 transactions” I never received a 1099 from them.

Not A Product Question

rjs

Level 15

You didn't get a 1099 because the payments you received were below the reporting threshold that applied for 2023. You would not get a 1099 for 2023 unless the total of the payments that you received was over $20,000 and you had more than 200 transactions. If any of the payments that you received in Venmo are taxable income, you can report the income on your tax return without a 1099.

Tech8789Author

Level 2

What happens if I forgot to put the income into the return? Should I let them just figure out the issue and they’ll mail me? Or its worse case scenario?

rjs

Level 15

I'm not sure what you're asking. If you already filed your tax return and you omitted some income, you can file an amended return to add the income that you omitted. If you don't do that, and the IRS finds out about the omitted income, they will bill you for the additional tax that you owe, plus interest and penalties.