Making money online? The IRS is cracking down on unreported income
(NewsNation) — The world of "side hustles" has opened the door for many to make money in previously unconventional ways. The income is still income, though, and must be reported on tax returns.
Taxpayers have until April 15 to file last year's taxes on the income they made, including from those online gigs. The Internal Revenue Service, which processes tax returns, has changed the minimum income made online to report on tax returns.
Anyone who earned more than $5,000 in 2024 selling tickets, musical instruments or other goods and services online should expect to get a 1099-K tax form this month.
The 1099-K is a form to report payments received from online marketplaces, apps or resale platforms, including Etsy, eBay, Venmo, CashApp, StubHub and Ticketmaster.
If you sold on these or similar platforms — and made more than $5,000 — you should expect to receive a form and are required to file taxes on your income.
Previously, online platforms only had to send these forms to users who earned more than $20,000 in most cases.
Read more at The Hill
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