Payments via mobile apps

Forum|Forum|3 years ago
January 10, 2023
2 replies
28 views

How do I list monies paid via Cashapp? Do they get listed as cash payments for self employed persons

TurboTax Live Self Employed

VolvoGirl

Level 15

What was it paid for? For people you paid? That would be Contract Labor on Schedule C line 11. You need to give a 1099NEC to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099Misc with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

tmunoz

Level 13

You will divide the payments made via Cash App into the categories of qualified business expenses on your Form Schedule C. Please retain your Cash App year-end summary for your documentation.

As per @VolvoGirl if you made more than $600 in payments for non-employee services, you will need to file a Form 1099-NES with the IRS by Jan 31st. Turbotax will prompt you to complete these in the business section of your return.