Are Zelle payments part of the new 1099-K rule? | Rob.CPA

Поделиться
HTML-код
  • 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.
    🛑 SUBSCRIBE! : shorturl.at/fL014
    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.
    If you haven’t subscribed to my channel, please do so.
    About my channel:
    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.
    I will be covering the following topics:
    Personal & business tax planning tips;
    Personal finance;
    Accounting;
    Investing;
    Entrepreneurship
    New videos are released every week, so be certain to SUBSCRIBE! : shorturl.at/fL014
    #zelle #1099 #taxes

Комментарии • 34

  • @mikeshanley8570
    @mikeshanley8570 Год назад +1

    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.

  • @Mvn04
    @Mvn04 Год назад +3

    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?

    • @Dirtybay80
      @Dirtybay80 9 месяцев назад

      This is what I need to know also!

    • @lf9341
      @lf9341 7 месяцев назад

      You have to report rental income. Of course there are taxes to be paid on rental income.

    • @cupidok2768
      @cupidok2768 2 месяца назад

      So zelle is the loophole?

  • @paulfelkner6749
    @paulfelkner6749 Год назад +1

    In this day and age where you have faceless internet companies, what are the odds you can contact these companies and change these "mistakes"?

    • @rob_cpa
      @rob_cpa  Год назад

      Some of these companies are not bad at responding...it really depends on the company and their support team.

    • @paulfelkner6749
      @paulfelkner6749 Год назад

      @@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.

  • @donfrussell
    @donfrussell 7 месяцев назад +1

    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

    • @rob_cpa
      @rob_cpa  6 месяцев назад

      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.

    • @donfrussell
      @donfrussell 6 месяцев назад

      thank you
      @@rob_cpa

  • @lovethemflowers
    @lovethemflowers Год назад

    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.

    • @rob_cpa
      @rob_cpa  Год назад

      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.

    • @lovethemflowers
      @lovethemflowers Год назад

      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.

  • @jovita_Fidel
    @jovita_Fidel 3 месяца назад

    What if I receive money by Zelle from. Y brother to share house payments. Is that going to be taxable too?

  • @minhcao1838
    @minhcao1838 Год назад +1

    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?

    • @rob_cpa
      @rob_cpa  Год назад

      No, because it wasn't for business use. Reimbursements between family members are not taxable.

  • @thegrapevine10
    @thegrapevine10 10 месяцев назад +1

    If i send my mother 1200 through zelle for part of the mortgage, will the IRS send me a letter?

    • @rob_cpa
      @rob_cpa  10 месяцев назад +2

      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

  • @dm4472
    @dm4472 Год назад +1

    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?

    • @rob_cpa
      @rob_cpa  Год назад

      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.

    • @dm4472
      @dm4472 Год назад

      @@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.

  • @davidvick9705
    @davidvick9705 Год назад

    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.

    • @rob_cpa
      @rob_cpa  Год назад +2

      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.

  • @Victor-Rojas
    @Victor-Rojas Год назад

    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.

    • @rob_cpa
      @rob_cpa  Год назад +2

      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.

  • @susannabruemmer3683
    @susannabruemmer3683 Год назад +1

    I have been working with this company for over two years and they're the best investment guidance that guarantees my ROI. I am a huge fan of their portfolio manager because she always invests in the right stocks and trades at the right time so that I can get the best ROI possible. He is also a great person to talk to if you want to learn more about investing.

    • @presley492
      @presley492 Год назад

      Wow! this is truly fascinating to hear, please how do I meet this company's portfolio manager?

    • @susannabruemmer3683
      @susannabruemmer3683 Год назад

      Just do a web lookup using her full name *"DEBORAH DIVITO WELCH"* and connect to her official webpage.

    • @presley492
      @presley492 Год назад

      I just looked up this person out of curiosity and I'm super impressed with her qualifications. Also I was able to contact her through her webpage.

    • @susannabruemmer3683
      @susannabruemmer3683 Год назад

      *DEBORAH DIVITO WELCH* showed me great skills and knowledge about the market since I started trading with her company. I enjoy full profits and easy withdrawal with no complaints, trade with the best I say

    • @presley492
      @presley492 Год назад

      I really have to thank you for sharing something this vital to the masses