(Edit: I know I put this in the wrong place, I don't know how to delete it. I'm sorry). Hi! I am a creator on TikTok and in 2024 have earned close to 930 dollars in revenue. This is my sole income as I am a dependent and student. The US only allows for PayPal to be the method of payout, meaning that the money I earn gets sent to PayPal - then I withdrawal it into my bank account from there.
With the new IRS $600 PayPal law, I will receive a 1099 from PayPal as well as TikTok. PayPal takes a 1.5% fee for processing making my 1099 from PayPal slightly different than the one I will receive from TikTok. When I file next year, will I have to add both forms to my tax sheet even though the PayPal one is the only amount I have earned? What will I have to do?
I know this may seem self-explanatory; however, I am uneducated in taxes and want to be prepared.
Thank you.
