Jan 13, 2024 01:40:48 AM by Gregory B
Will I be receiving a 1099, or should I just enter my information manually when I file?
Jan 13, 2024 02:46:20 AM by Shane G
USA citizens only will be reported to the IRS and sent a 1099 if you earned over 20,000 in the year, anything less you will not get a 1099 and it was never reported.
Jan 14, 2024 03:36:18 AM by Gregory B
Okay so "anything over $600" is not the rule this year? Do I count the money I received, or the money I earned including what Upwork kept out of it?
Jan 14, 2024 03:52:11 AM by Shane G
All I can say is that the IRS does not have any idea about what you earn if it's under 20,000. It's up to you to decide.
Jan 14, 2024 03:53:47 AM by Shane G
It's not being reported to the IRS if it is under 20,000. Up to you to decide how you want to handle this.
Jan 22, 2024 03:31:42 PM Edited Jan 22, 2024 03:33:41 PM by Jennifer M
wrote:It's not being reported to the IRS if it is under 20,000. Up to you to decide how you want to handle this.
oh dear. I would not bet on this. Don't mess with the IRS. Pay them and avoid the very terrible penalties they can put on you if they find out. It's not worth the hassles. Just pay them.
To answer OP's question, I have no idea and I usually get one. IIRC, they send it out the last week of Jan. I believe they are supposed to get it to you by the end of the month. You can download the transaction sheet to get a sum of how much you made. You'll need to write a few small formulas to pull how much you made vs how much you spent in fees and connect costs, but that's what I use.
Jan 22, 2024 03:29:49 PM Edited Jan 22, 2024 03:30:49 PM by John P
That new rule was delayed, and even for 2024, it's being stepped gradually, at $5,000.
Either way, you are responsible for reporting your earnings. To be consistent with what Upwork would do if they DID have a 1099-K for you, which is gross payments before fees, it may be best to do the same on your own; reporting all gross income that was initially paid to you, and then report fees paid as an expense. It results in the same net number, but for consistency, this may be the best way to go. As always, for anything that may relate to your individual tax situation, discuss with a tax professional.
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