![]() ![]() While Venmo is required to send this form to qualifying users, it’s worth noting that certain amounts included on the form (like refunds) may not be subject to income tax. Some states have lower reporting thresholds:Īnyone who met the $20,000 and 200 transactions reporting threshold (or the $600 threshold in applicable states) for payments received for goods and services through Venmo, or any other payment app, can expect to receive a Form 1099-K. This requirement only pertains to payments received for sales of goods and services and DOES NOT apply to friends and family payments.įor the tax year 2022, the IRS will require reporting of payment transactions for goods and services sold that exceed $20,000 and 200 transactions. ![]() ![]() Some states have lower reporting thresholds. For the tax year 2022, the IRS will continue to use the reporting threshold of total payments exceeding $20,000 for goods and services and more than 200 transactions. Note: The IRS has delayed the implementation of the $600 reporting threshold for payment transactions for goods and services by one year. ![]()
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