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Question

$600 on online payment apps and how that will affect my taxes

Forum|Forum|4 years ago
August 26, 2022
1 reply
10 views

I need to know how to be in compliance with the new tax law on my return.

Not A Product Question

Level 15

Starting January 1, 2022, the American Rescue Plan Act of 2021 requires services like Cash App to report payments for goods and services on Form 1099-K when those transactions total $600 or more in a year.

If you have income of $400 or more from self-employment you are required to report your self-employment income and any SE expenses on a Schedule C which is included with and part of your Federal tax return Form 1040.