1099's for Venmo, PayPal, Zelle

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With the new law for 1099's being issued by Venmo, PayPal, Zelle, etc. for total annual disbursements over $600 how does one report the costs associated with the payments received? Will TurboTax handle this?

Ask the Experts - Energy - June 2023

carmen_t

Level 5

That is a very good question! More details will be needed. Generally, if self employed, TurboTax has a section for self employed income and a section to enter 1099NEC and 1099K specifically along with related business expenses. Alternatively, if this is one off payments, that is not compensation I would look at the other income section when exploring types of reportable income.

AbigsoxfanAuthor

Level 2

I am not self-employed, but I do have professional sports season tickets. I split them with others and they pay me in various ways, checks, the above payment methods, etc. I also sell tickets for games I keep but can't attend on StubHub, etc. I also receive payments for shared dinners and shopping I may do for others. No real income generated, but this reporting mess thanks to this obnoxious law with a much too low threshold. So much for going after the "big guys". Thank you for your response.

xsnomad

Level 2

My internet was out yesterday so I was unable to attend the forum, but your question is the same as mine. I sell my sports tickets that I can't use, and sometimes there is a small profit but often there is a loss. However this is not a business for me, so I'm not sure how to report what the tickets cost me. Most, if not all, of what the 1099 will show is not income at all.