9/26/2023 0 Comments Paypal pay in 4 redditWhen sending money on Venmo, users can choose to tag a payment as being for “goods and services”. Some states have lower reporting thresholds.ģ. Instead, the IRS will use the same higher threshold from years past (total payments exceeding $20,000 and more than 200 transactions) for 2022. The IRS initially planned to lower the reporting threshold to $600 for the 2022 calendar year but has delayed that implementation by one year, to 2023. The IRS has always required payment settlement entities (PSE) like Venmo to report information and issue Form 1099-Ks. ![]() Remember: You can provide your tax ID in the Venmo app to avoid backup withholding on your payments.Ģ.
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