If you are paid by a side gig or SE then will venmo, paypal, etc all now report 1099k?
141179
1 Best answer
Anonymous_
Level 15
Aug 31, 2022 9:24:35 AM
Yes.
Beginning Jan. 1, 2022, third-party payment network providers will be required to send users a 1099-K.
4 Replies
Anonymous_
Level 15
Aug 31, 2022 9:24:35 AM
Yes.
Beginning Jan. 1, 2022, third-party payment network providers will be required to send users a 1099-K.
John-H2021
Employee Tax Expert
Aug 31, 2022 9:28:54 AM
I agree with tagteams answer, if you have over $600 you will get a 1099-K
Tax103
Level 1
Aug 31, 2022 2:37:05 PM
So it's best to designate one or two apps as business only if you are part time self employed or operate as a side gig, so the 1099 doesn't track nonbusiness transactions?
Anonymous_
Level 15
Aug 31, 2022 2:39:11 PM
You can certainly do that, but using business accounting software might be the better approach (something on the order of Quicken or QuickBooks).