1099K - Just Paypal - or Venmo, too?

[Aimee918]

Hi! My paypal and venmo are a mess of personal transactions with friends and family. I will have some transactions coming up that will be for my new business.

I understand that Paypal reports a 1099K when income is over 20,000$ and/or when there are more than 200 transactions.

Does that 1099K include BOTH Paypal and Venmo? Aren't they the same company?

Or will there be two tax forms reported?

Thanks, community!

[PayPal_Olivia]

Hi @Aimee918,

That's a great question! Venmo and PayPal are separate. The 1099K issued through PayPal would cover the transactions received through PayPal alone. While the $20,000 and 200 transactions threshold is what guides when a 1099K is created, it does not necessarily represent the responsibilities for reporting received income. Please consider consulting a tax professional if you have questions about that.

I hope this information helps shed light on things.

Olivia