If you've received at least $600 from apps like PayPal and Venmo, you'll get a 1099-K form. However, that doesn't mean you have to pay taxes on all of that income.

The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal.

Payment apps including Venmo, PayPal, and Cash App report business transactions to the IRS. Users with $5,000 or more in payment-app income for 2024 will get a new tax form, 1099-K.

A change to the tax code could will soon require income made over $600 on third parties like eBay or paid through Venmo be reported to the IRS.

However, the IRS underscored that personal transactions, such as repaying a friend for a shared meal, aren't meant to be tracked by the now-delayed rule on reporting $600 in side-gig income.

Under the American Rescue Plan of 2021, taxpayers would need to report payments for goods and services over $600 received through those third-party services through the Internal Revenue Service ...

The IRS's decision to lower the reporting threshold is part of a broader effort to capture more taxable income from the gig ...

IRS delays gig-tax filing rule for side hustles earning at least $600. 2022 1099-K reporting limits revert to $20,000 on 200 transactions.

IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. Here’s what went wrong. Efforts to raise the threshold were not ultimately included in a year-end spending deal ...