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Taxpayers will receive a 1099-K from payment card companies, payment apps and online marketplaces when transactions during 2024 was more than $5,000. ... Uber drivers and other gig workers just ...
Examples of individuals who would receive Form 1099-K include freelancers compensated via PayPal, Etsy sellers, Uber drivers who accept credit cards as payment, small businesses who accept card transactions as payment, and in general professionals who accept online or credit card payments for services.
IRS Form 1099-K could be in your future if you sold items via online marketplaces like eBay and Venmo. Here’s what you need to know. ... Uber drivers, and other gig workers just trying to make a ...
Several Uber drivers have claimed to be employees, despite their classification as independent contractors. Some of the drivers sued after California passed a law aimed at requiring gig economy companies to classify workers as employees that took effect January 1, 2020. [13] Likewise, many more workers in the gig economy are making similar claims.
Form 1099-K must be sent to taxpayers by Jan. 31 of the following year. That is, you should have received your 1099-K for 2024 by the end of January 2025. (See the 2025 tax deadlines .)
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...