Advice | Year-end tax tip: Keep good records if you're using payment platforms. Some payments may be incorrectly reported to the IRS as taxable income.
only for transactions totaling more than 200 a calendar year with gross payments exceeding $20,000. Now a single transaction or multiple payments that exceed $600 can trigger a 1099-K. It’s harder to avoid having the IRS find out your earnings when there’s a digital trail.You can see how gig workers or any cash-driven business — including a teenager earning extra money babysitting or mowing lawnsgetting paid via these apps could fly under the income radar.
“Those who receive a 1099-K reflecting income they didn’t earn should call the issuer,” the agency said in aAnd so begins what I predict could be a hot mess next year when tax season opens if folks incorrectly receive 1099-K forms and then have to prove to the IRS that the money was not, in fact, payment for goods and services.
However, once the total in cash gifts crossed that $600 reporting threshold, PayPal, which is processing the payments for MyRegistry, asked
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