What’s the $600 limit on Venmo for taxes?
The IRS has announced third-party settlement organizations will not be required to report the tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting of transactions in excess of $600 will now apply only to transactions that occur after the calendar year 2022. The existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions remains in effect for payments made in 2022.
Contact Venmo about Taxes
What Venmo says about 2022 tax questions: for the fastest service, chat with us in our mobile app (M-S, 8:00am–10:00pm CT, seven days a week). Call Venmo at (855) 812-4430 (8:00am to 8:00pm CT, seven days a week).