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dc33eeeb
Community Member

What does Upwork consider 200 transactions?

This is not a tax question, as I have asked a tax professional already. So moderators do not copy paste that typical response here.

 

According to tax professionals Upwork should have a definition of what is considered 200 transactions. 

 

I cannot seem to find that anywhere. How does Upwork decide if you met the 200 transactions? 

1. Requirements are met for Over $20,000/yr made. CHECK.
2. Requirements for 200 transactions - how does one count a "transaction" and decide it has been met? 

Are you supposed to count the Hourly, Service Fee, State Sales Tax, Withdrawl, AND Withdrawl Fee as separate "transactions" therefore one week counts at 5 "transactions"? Or is each week considered ONE transaction? What is Upworks definition of "200 transactions" 

"The new reportable transaction category Transaction of Interest (TOI) is defined as a transaction that the IRS and the Treasury Department believe is a transaction that has the potential for tax avoidance or evasion, but lack sufficient information to determine whether the transaction should be identified specifically as a tax avoidance transaction. The TOI category of reportable transactions will apply to transactions entered into on or after November 2, 2006." IRS website.

2 REPLIES 2
wlyonsatl
Community Member

Look at Reports/Transaction History on your Upwork home page.

I understand that. However do they count Hourly, Service Fee, State Sales Tax, Withdrawl, AND Withdrawl Fee as separate "transactions" therefore one week counts at 5 "transactions"? Or is each week considered ONE transaction? What is Upworks definition of "200 transactions" ? 

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