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Is the reporting threshold for supplemental income in 2022 $20K or $600?

Forum|Forum|3 years ago
January 20, 2023
3 replies
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I'm not seeing clear answers elsewhere - I know the threshold was (drastically) reduced, but this was postponed; I'm just not clear on whether it affects 2022 income

TurboTax Online

Best answer by ZhuoliA

You need to report any supplemental income you earned in 2022. It does not matter whether you received Form 1099-K or not.

The reporting thresholds for third-party settlement organizations who made the payment stay the same at $600 due to the delay in implementation. See this link for more information.

@talavera1809

E

ee-ea

Employee

See this IRS info https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

VolvoGirl

Employee

That is the reporting criteria for online processors like EBay or Venmo to give you a 1099K form. But you still need to report all your income no matter how small. You should be keeping your own good records. You can still get a 1099Misc or 1099NEC if someone pays you $600 or more. But even if you don't get a 1099 you need to report it.

T

talavera1809Author

Who said I wasn't keeping my own good records? Good lord, all I asked was for clarification in non-government-ese, and this is the response I get? Thanks for the warm fuzzies.

A

AmeliesUncle

The clarification is that there is no threshold. You need to report all of your income.

Z

ZhuoliAAnswer

You need to report any supplemental income you earned in 2022. It does not matter whether you received Form 1099-K or not.

The reporting thresholds for third-party settlement organizations who made the payment stay the same at $600 due to the delay in implementation. See this link for more information.

@talavera1809