Are Zelle payments part of the new 1099-K rule? | Rob.CPA
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- Опубликовано: 5 окт 2024
- Based on the feedback on my first video, I decided to create a second video to answer some commonly asked questions.
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If you received payments via Zelle, as of now, you will not receive a 1099-K from Zelle.
If you received payments via StubHub, PayPal, Facebook cash, Venmo, Square and the payments are over $600, you’ll get a 1099K.
If you are selling items on eBay for over $600, you’ll receive a 1099K.
These companies are requesting that you provide your social security numbers.
In addition, for those of you that will receive a 1099-K for your services/goods, I will show you an example tax return on how to report this income to save some money. This assumes your income is not a hobby and is a business. You’ll want to make sure you use expenses relating to this income to reduce the income. Also, make sure you use the Qualified Business Income tax deduction.
As always, feel free to leave questions and comments below.
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Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
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#zelle #1099 #taxes
Do I have to report Zelle on my taxes?
The law requiring certain payment networks to provide forms 1099K for information reporting on the sale of goods and services does not apply to the Zelle Network®. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS.
I'm just wanting a little more clarity. Obviously any income you bring in, must be reported. For lets say Rental Income using 3rd party sucu as Zelle, are we gping to use 1099K and end up paying more taxes?
If so, is there a better option we can use to continue collecting payment and not having to file this form?
This is what I need to know also!
You have to report rental income. Of course there are taxes to be paid on rental income.
So zelle is the loophole?
In this day and age where you have faceless internet companies, what are the odds you can contact these companies and change these "mistakes"?
Some of these companies are not bad at responding...it really depends on the company and their support team.
@@rob_cpa Like the IRS🤔? I'm four years retired from putting in my 35 with Pennsylvania Revenue, man do I have a lot of stories. Looks like a lot of new Schedule Cs coming on board this year.
iF I paid a contractor via Venmo - for my rental property- can I skip the 1099 mailed to contractor.and declare it an expense on my Schedule E Thank you
How much did you pay the contractor?
If you paid them over $600 and want the expense, you should send them a 1099 NEC.
I suggest you use Track1099.com for the tax form.
thank you
@@rob_cpa
I’m a nanny paid through Zelle. It sounds like the 1099NEC applies to me. I can’t find info when I research Zelle sending 1099NECs. I’m concerned about how to report the income and prove the amount I received.
If you get paid via Zelle - you will probably receive a 1099NEC...who ever paid you is the one that will send you the 1099NEC.
Well, I’m paid weekly through Zelle by the mother. She’s wasn’t too sure about how to report the payments as well. She said she was going to look into it, so I’ll have to ask her if she’s found any information.
What if I receive money by Zelle from. Y brother to share house payments. Is that going to be taxable too?
If I went on a family vacation with my parents, brother and sisters and paid for the Airbnb, rental vehicle and groceries and at the end of the trip requested or they sent me $1,000 from each family member do I have to report it on a 1099?
No, because it wasn't for business use. Reimbursements between family members are not taxable.
If i send my mother 1200 through zelle for part of the mortgage, will the IRS send me a letter?
Please see my latest video...a couple of days ago, the IRS said they will not make the changes for 2023. To answer your question, you probably will not recieve a 1099: ruclips.net/video/insVoe_aTmM/видео.html
If a I'm a contractor that normally receives 1099-NEC and I got paid by Apple Pay/Venmo so I'll also receive a 1099-K. Is that applying double income to me?
Good question.
In the past, when you recieved a 1099-NEC, how were you paid - via cash, Zelle, or check?
For example, in 2022, if you were paid $10,000 from contact work and it was all through Apple or Venmo, you total 1099-K should be $10,000. You shouldn't receive a 1099-NEC from the same people that paid you the $10,000.
If you do recieve a 1099-NEC for the same amount that is on the 1099-K, have the person amend the 1099-NEC to $0.
@@rob_cpa This year some paid me with check, but others paid me with Apple pay/Venmo. Since I paid someone with Apple Pay, I think that means I won't have to prepare a 1099-NEC for them either.
I receive some rent payments via Zelle. How does this get reported to the IRS? Should the tenant file a 1099-K or is there a way for me to report it on a 1099-K? Thanks.
If you own the property and receive rental payments via Zelle, you should report this as rental income on Schedule E on your personal tax return.
Great tips. I paid a contractor in 2022 via zelle (over $600). Do I have to send them a 1099? My QuickBooks system doesn't list the vendor as someone who I can send a 1099 to on their system. I don't know if it's because I paid via zelle? Confusing and frustrating.
Good question - yes, you need to send them a 1099 since they were paid via Zelle.
Use Track1099.com to process 1099s - a lot better than QB.
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