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).

Our skilled team offers a winning combination of tax planning and preparation services to ensure the success of our diverse clientele, including both individuals and multi-tiered organizations. We stay current on the latest laws and regulations, and our experienced staff can develop tailored strategies to maximize your tax benefits. Our approach to tax planning is not limited to the current year but considers past and future considerations to provide comprehensive and effective advice.