2024 tax threshold for 1099-K reporting on app payments drops for freelancers.
Freelancers and gig workers who receive income via apps such as Venmo, Zelle, Cash App, and PayPal will face changing tax requirements in 2024. The threshold for 1099-K reporting is currently $20,000 in total app payments, but starting from 2024, the threshold will be lowered to $5,000 and eventually to $600. Freelancers are advised to start preparing by keeping accurate track of their income and gearing up for additional forms from app platforms.
March 22, 2024
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