ksedwar Posted November 21, 2023 Report Share Posted November 21, 2023 IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation Changing it to $5,000 seems fair. The $600 was ridiculous IMHO. 2 3 Link to comment Share on other sites More sharing options...
episemion Posted November 21, 2023 Report Share Posted November 21, 2023 Just saw that. Finally a sensible approach! 1 Link to comment Share on other sites More sharing options...
Oshawott Posted November 21, 2023 Report Share Posted November 21, 2023 I remember folks talking about this last year, but I'm a bit fuzzy on the details. Is this delay a good thing for survey takers? Link to comment Share on other sites More sharing options...
ksedwar Posted November 21, 2023 Author Report Share Posted November 21, 2023 29 minutes ago, episemion said: Just saw that. Finally a sensible approach! Yes it probably means there has been some negotiating going on but it probably also means that right now the side supporting this don't have the votes to push the law through so this information might not be accurate next year. Quote Is this delay a good thing for survey takers? We are supposed to pay taxes regardless of this new law. The delay just makes it to where we can keep using Paypal without paying taxes. I'm far from knowledgeable on taxes so others might want to add a better answer. Link to comment Share on other sites More sharing options...
ConnecticutMarc Posted November 22, 2023 Report Share Posted November 22, 2023 VERY unusual to see the IRS using its head. 2 Link to comment Share on other sites More sharing options...
Sandy21 Posted November 22, 2023 Report Share Posted November 22, 2023 This makes a lot more sense. Thank you for posting! 2 Link to comment Share on other sites More sharing options...
Njsurveyman Posted November 26, 2023 Report Share Posted November 26, 2023 Yes, the $600 min reporting threshold for Paypal is officially delayed again for 2023 tax year. Also, for NEXT YEAR (2024), the reporting threshold for total Paypal income will be $5000 https://www.usatoday.com/story/money/personalfinance/2023/11/21/irs-delays-1099-k-gig-work-tickets-paypal-venmo/71668010007/ 1 1 Link to comment Share on other sites More sharing options...
Njsurveyman Posted December 4, 2023 Report Share Posted December 4, 2023 On 11/21/2023 at 5:49 PM, Oshawott said: I remember folks talking about this last year, but I'm a bit fuzzy on the details. Is this delay a good thing for survey takers? Basically it means that Paypal will only report your survey income to the IRS if you make more than $5,000 in total Paypal income for next year (2024). It was supposed to be only a $600 threshold for THIS past year, but IRS is delaying that. But, technically you are still supposed to report every penny you make taking surveys each year, except for Gift Cards. 1 Link to comment Share on other sites More sharing options...
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