CatherineR
Employee Tax Expert

Self employed

Responses:

1- In 2022, companies such as Zelle, PayPal, Square, Stripe, Venmo, and others will be sending you a 1099-K if you receive more than $600 in payments during the year.  This would be the gross payment amount before fees and fees should be reported to you also.  Here is a resource that further explains:

https://turbotax.intuit.com/tax-tips/irs-tax-forms/form-1099-k-decoded-for-the-self-employed/L6xHSTX...

2- The $600 dollar limit discussed above applies to each PSE ( payment settlement entity) separately.  So if each PSE amounts are under $600 a 1099K will not be generated.  

 

All income from all sources are reported as income on the Schedule C then the expenses are deducted.  Here is another resource that discusses this further in our Turbo Tax Self Employed product:

https://ttlc.intuit.com/community/business-taxes/discussion/how-to-report-concert-ticket-sales-in-tu...

 

Great questions and keep the music going!  

 

 

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