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Returning Member
posted Sep 26, 2021 10:13:08 PM

Zelle rent payments and 1099k starting Jan 2022

I have been collecting rent (and utlities) via Zelle, and reporting it on taxes.  I use TurboTax Premier.

 

I have heard that starting Jan 2022, that for any payment I receive over 600 it would be reported to IRS under Income.  

 

Is there a way to corelate that the income reported on 1099K is the rent received.     Will Turbo Tax help me with it ?

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1 Replies
Level 15
Sep 27, 2021 6:32:58 AM

You are worrying about nothing ... the 1099-K  can be entered as income anywhere appropriate on the tax return including the Sch E.  So for you nothing has changed ... ignore the 1099-K entry section and simply enter the rent as rent on the Sch E ... end of story.