You can get IRS Form 1099-K from Venmo, PayPal, or Cash App

Have you been paid more than $600 in 2022 for goods or services through a third-party payment network like Venmo, PayPal, Amazon, or Square? Then, due to a changed reporting rule, you will most likely receive an IRS Form 1099-K from your payment network, even if you have not received a Form 1099-K in the past. Indeed, the 1099-K reporting rule now requires third-party payment networks to send a 1099-K if those payments exceed the $600 reporting threshold. (A higher threshold of $20,000 previously triggered Form 1099-K.)

This “$600 rule” means more people than in the past who have hustles, gigs, part-time jobs, and businesses, and are paid through networks and apps like Venmo, Amazon, Square, and PayPal, will receive a Form 1099-K in January. But it’s important to note that the new reporting threshold doesn’t change the fact that the IRS has always required taxpayers to report all of their taxable income, whether or not they receive a Form 1099-K.

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