The start of tax season is around the corner, and filing for 2022 taxes will be different for millions of Americans with the updated 1099-K form.
The form was first issued in 2012 as it reports taxable income for goods sold through third-party settlement organizations – a fancy term for apps such as Venmo, PayPal, and CashApp that are used to transfer money.
“The intention of this new law was more and more commerce is happening online, the digital economy is growing and growing, so the idea of lowering the threshold was to capture more of those transactions,” said Andrew Lautz, director of Federal Policy for the National Taxpayers Union Foundation. “This is going to be really confusing for taxpayers in the New Year. We don’t think the additional revenue that the IRS can collect on taxes that are truly owed.
Now, if you resell concert tickets on Ticketmaster, for example, sell a used dresser for face value or give a haircut and have the person pay you through an app and your transactions get you over that $600 threshold throughout the year, you will likely need to fill out the form. Connelly points out that the 1099-K form will only be issued by the app you use by January 31, 2023, at the latest, and it will not be issued by the government.
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