Bloomberg Tax
Jan. 13, 2022, 9:45 AMUpdated: Jan. 13, 2022, 11:12 PM

What You Need to Know About Taxes if You Use Payment Apps Like Venmo (1)

Kelly Phillips Erb
Kelly Phillips Erb

As tax season nears, mailboxes and inboxes across the country are filled with tax forms. This year, confusion is already swirling around changes to Form 1099-K. While those form changes won’t officially kick in until next tax season, here’s what you need to know in 2022.

What is Form 1099-K?

Form 1099-K, Payment Card and Third Party Network Transactions, is used to report certain payment transactions to taxpayers and the IRS.

A reportable payment transaction means a payment card transaction or a third-party network transaction.

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