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LAJones2009
Level 1

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

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

1 Reply
DoninGA
Level 15

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

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.

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