Gigwalk is not issuing any Form 1099-MISCs to Gigwalkers for fees paid. Instead, any IRS reporting will generally be done by PayPal. Please log on to your PayPal account to review your information. You can review more information about the new reporting rules at http://PayPal.com/IRS .
Even though you may not receive an IRS Form 1099 this year, information about total fees paid to you for Gigwalk Gigs is available through your PayPal account.
Gigwalk is not able to provide you with any tax advice. We recommend that you consult your own tax advisor about your personal situation. The information provided in this message is not tax advice; instead, it is just intended to help you locate tax information from other sources.
Q: Where is my tax form? Why haven’t I received a Form 1099-MISC?
A: Due to IRS reporting rule changes, Gigwalk will not be issuing any IRS Form 1099s to Gigwalkers for fees paid to them (unless we paid you directly by check, rather than through PayPal). Instead, all IRS reporting for Gigwalkers (if any) will be done by PayPal. You should log on to your PayPal account to determine if you will be receiving a Form 1099-K from PayPal.
Q: What is the IRS Form 1099-K?
A: The IRS Form 1099-K is a reporting form that now applies to third-party payment processors, like PayPal. Because Gigwalk fees are normally paid through PayPal, the tax reporting for these fees, if any, is now being done by PayPal.
Q: Where do I get the Form 1099-K from PayPal?
A: To find out if PayPal is issuing you a Form 1099-K, you can log onto your PayPal account, click History, and then click Tax Documents.
Q: I’m not seeing any IRS Form 1099-K for me on my PayPal account, even though I earned Gigwalk fees. Why is this?
A: Under IRS rules, PayPal is only required to issue you a Form 1099-K if your total fees in a calendar year are over $20,000 and you had more than 200 transactions in that year. As a result, if either (1) your total fees for a specific year were less than $20,000, or (2) your total fees were more than $20,000 but you had fewer than 200 transactions in that specific year, you won’t be receiving a Form 1099-K from PayPal for Gigwalk fees.
Q: Don’t I need a Form 1099-MISC or Form 1099-K to file my taxes?
A: No. Information about total Gigwalk fees paid to you in any given year is available to you through your PayPal account. You are obligated to report income you receive, whether or not that income is reported on a Form 1099 or other tax report.
Q: Will someone at Gigwalk help me figure out my taxes?
A: No, Gigwalk is not able to provide you with any tax advice. We recommend that you consult your own tax advisor. The information provided in these FAQs is not tax advice; instead, it is just intended to help you locate tax information from other sources.
IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachment) is not intended or written by us to be used, and cannot be used, (i) by any taxpayer for the purpose of avoiding tax penalties under the Internal Revenue Code or (ii) for promoting, marketing or recommending to another party any transaction or matter addressed herein.