UnusualWhales

Senators Bill Hagerty and Joe Manchin will propose to raise the tax reporting threshold to $10,000 from $600 for Venmo, Paypal
12/21/2022

Senators Bill Hagerty and Joe Manchin will propose to raise the tax reporting threshold to $10,000 from $600 for Venmo, Paypal.

This is for the threshold for Form 1099-K.

Before 2022, taxpayers received 1099-Ks with more than 200 transactions worth an aggregate above $20,000. But the American Rescue Plan Act of 2021 dropped the threshold to just $600. Currently, even a single transaction of more than $600 may trigger the form.

tastytrade logo+
With Unusual Whales
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get Unusual Whales Discounted when you deposit $2000 in your new tasty account.