I see every other payment app being listed beside zelle regarding $600 income taxes
1. is Zelle a wire transfer?
2. Do you pay taxes when receiving “tips/ splitting the bill” when $600 has been reached on Zelle
3. Will Zelle send a 1099 Form?
Great question! Zelle works a bit different from the other apps mainly because it is a payment platform. They do not issue a 1099-K Form instead if payments you receive on Zelle are taxable it is your responsibility to report them to the IRS. The law about the $600 does not apply to Zelle.
Hope this answers your questions, have a good day!
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