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Venmo 1099-K: What to Do If You Get One

Written by a TurboTax Expert • Reviewed by Miguel Burgos, CPAUpdated for Tax Year 2023 • June 27, 2024 10:46 AM
OVERVIEW

IRS Form 1099-K is used to report income received from electronic payment transactions, such as those made through Venmo. Form 1099-K includes information such as the total gross amount of payments made to the seller, the total amount of fees charged, and the total amount of taxes withheld.

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Key Takeaways

  • Venmo issues Form 1099-K to users who meet the IRS federal tax reporting thresholds for receiving payments for goods and services.
  • Reporting requirements for Venmo users have changed, with payment apps like Venmo now required to issue a Form 1099-K for users who receive more than $5,000 in payments for goods or services within a single tax year.
  • Venmo users are responsible for ensuring that all taxable transactions are accurately reported on their tax return, even if they do not receive a Form 1099-K.
  • To calculate Venmo income, users should review the Form 1099-K, examine each payment received, distinguish between payments for goods/services and personal transactions, deduct returns and expenses, and report the remaining amount as their net profit.

If you're a sole proprietor or reseller and receive an IRS Form 1099-K from Venmo, it's crucial to understand why you received this form and its implications for your tax situation. Venmo issues Form 1099-K to users who meet the IRS federal tax reporting thresholds for receiving payments for goods and services. This form is used to report the payment transactions you processed through Venmo, other payment cards, and other third-party network transactions.

First, ensure the accuracy of the form by checking that the amounts reported accurately reflect your transactions for the sale of goods or services. Review your Venmo account statements to verify this information.

Include the information from Form 1099-K on your tax return. You'll need to report the gross amount of the payments you received as indicated on the form. If the form includes personal transactions that are not subject to tax, the IRS encourages taxpayers to request a corrected Form 1099-K from the issuer. If you can't get a corrected form from the payment settlement entity (PSE), then you should report the non-taxable amount but then subtract the non-taxable amounts to arrive at the taxable income.

Reporting requirements for Venmo users

For tax year 2024, payment apps like Venmo are mandated to issue a Form 1099-K for users who receive more than $5,000 in payments for goods or services within a single tax year. This is a notable shift from the previous thresholds, which only required reporting for transactions that exceeded $20,000 and involved more than 200 transactions. The adjustment to a lower threshold is designed to enhance tax compliance among users who receive payments through Venmo.

It's essential to recognize that these reporting requirements specifically apply to payments received for the sale of goods or services. Personal transactions, such as splitting a dinner bill or sharing rent, do not fall under these requirements. Venmo's system facilitates this distinction by allowing users to tag payments as "goods and services," aiding in the accurate categorization and reporting of transactions.

If you meet the reporting threshold, Venmo will issue you a Form 1099-K by January 31st of the following year, detailing the total amount of reportable transactions you received through Venmo. As a Venmo user, you bear the responsibility for ensuring that all taxable transactions are accurately reported on your tax return, even if you do not receive a Form 1099-K. Maintaining detailed records of all transactions conducted through Venmo, including the nature of each transaction, is crucial to support your tax filings.

If you fail to provide Venmo with your tax information, such as your Taxpayer Identification Number (TIN), Venmo is obligated to withhold 24% of your payments as backup withholding. This amount is sent to the IRS and can be credited against your tax liability when you file your tax return.

TurboTax Tip:

Venmo users should maintain detailed records of all transactions, including receipts, invoices, and any correspondence related to their Venmo transactions for accurate tax reporting and if they are audited by the IRS.

Calculating your Venmo income

To calculate your Venmo income as a sole proprietor or reseller, you should start by reviewing the Form 1099-K issued by Venmo if you meet the IRS reporting thresholds. This form details the total amount of payments you received through Venmo for goods and services, providing a summary of your annual gross payments.

Next, access your Venom transaction history to examine each payment received. It's important to distinguish between payments for goods and services, which are potentially taxable, and personal transactions, which are not taxable. Venmo's feature that allows tagging of payments related to goods and services will aid in identifying these transactions.

To determine your taxable income, total all the payments tagged as goods or services from your transaction history. This sum represents your gross income from Venmo transactions. Remember, only payments for goods and services are considered for tax purposes, not personal transactions like splitting bills or gifts.

Subtract any refunds or returns you issued during the year from your gross income. This adjustment is necessary to accurately reflect the income earned from sales. Additionally, deduct any business-related expenses directly associated with your Venmo transactions, such as costs of goods sold, transaction fees, or other relevant expenses. Maintaining detailed records of these expenses is crucial for accurate tax reporting.

After accounting for returns, refunds, and expenses, the remaining amount is your net profit. This is the figure you will report as income from Venmo transactions on your tax return.

Tax implications of Venmo payments

If you discover any errors on your Form 1099-K, or if it includes personal transactions that shouldn't be taxed, contact Venmo for a correction. Venmo can issue a corrected form if necessary. It's crucial to handle this before filing your tax return to avoid complications with the IRS.

Ensure that you file your tax return by the due date, even if there are issues with your Form 1099-K that have not been resolved. Filing your tax return late can result in penalties. Additionally, maintain detailed records of all your transactions, including receipts, invoices, and any correspondence with Venmo regarding your Form 1099-K. These documents will be valuable if you need to substantiate your tax return entries or if you are audited by the IRS.

How to report your Venmo 1099-k on your tax return

As a sole proprietor or reseller, reporting your Venmo income via Form 1099-K on your tax return involves several key steps, based on the information provided in the sources:

  1. Review Form 1099-K: First, carefully review the Form 1099-K that Venmo issues to you. This form reports the total gross amount of all reportable payment transactions you received through Venmo for goods or services. Ensure that the amounts listed are accurate and reflect your records.
  2. Report on Tax Return: Include the gross amount from Form 1099-K on your tax return. This amount should be reported as part of your business income. If you use Schedule C (Profit or Loss from Business) to report income and expenses from your business, the amount from Form 1099-K should be included in the gross receipts or sales section.
  3. Deduct Business Expenses: Subtract any business-related expenses that are directly associated with the income reported on Form 1099-K. This includes costs such as goods sold, transaction fees, and other necessary business expenses. These deductions can reduce your taxable income.
  4. Address Discrepancies: If there are discrepancies between your records and the income reported on Form 1099-K, or if you receive a Form 1099-K in error (for example, for personal transactions that are not taxable), you should try to contact the issuer of the form. If you can’t get the corrected 1099-K in time to meet the tax deadline, you can still report the form on your tax return. You can then subtract any amounts that were reported in error to reconcile your reported income with your actual business income.
  5. Maintain Records: Keep detailed records of all transactions, including receipts, invoices, and any correspondence related to your Venmo transactions. This documentation will be invaluable if you need to verify the accuracy of the information on Form 1099-K or if you are audited by the IRS.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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