The IRS isn’t requiring Zelle to send 1099 for transactions above $600 unlike

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May 22, 2022
9:53:00am

Saxa All-American

The IRS isn’t requiring Zelle to send 1099 for transactions above $600 unlike

PayPal and Venmo

https://www.terrysavage.com/1099k-for-zelle-venmo-paypal-users/#:~:text=%5BUpdate%3A%20Zelle%20has%20posted%20that,required%20to%20send%20out%201099s.

This message has been modified

Originally posted on May 22, 2022 at 9:53:00am

Message modified by Saxa on May 22, 2022 at 9:53:22am

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Saxa

Previous username: jota
Bio page: Saxa
Joined: Mar 1, 2001
Last login: Apr 18, 2024
Total posts: 17,882 (305 FO)

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Messages

Author

Time

I like Zelle better then Venmo

Acorn

5/22/22 9:29am

Used Zelle for first time this week, liked that all you need is a cell phone #

gww687

5/22/22 9:31am

I like that it is like a private ACH service 24/7 bank to bank.

Acorn

5/22/22 10:46am

Zelle not req’d to send a 1099

Saxa

5/22/22 9:40am

Doesn't change the IRS $600 rule.

mulletino

5/22/22 9:41am

The IRS isn’t requiring Zelle to send 1099 for transactions above $600 unlike

Saxa

5/22/22 9:53am

Right but every single American is still required to issue a 1099 to anyone they pay $600 or more to for business

mulletino

5/22/22 9:54am

Difference is, PayPal and Venmo will send a 1099 for every transaction over $600

Saxa

5/22/22 9:58am

Do your thing. I have zero concerns with audit risk involving 1099s issued for personal funds exchanges. Audit away.

mulletino

5/22/22 10:06am

My audit concern isn’t for myself, it’s for the elderly uncle that I might send

Saxa

5/22/22 10:54am

I like it but Venmo is superior as you can send funds from unlimited banking institutions. Zelle is tied to one bank.

mulletino

5/22/22 9:41am

The same goes for depositing funds you receive. Zelle must have a primary account where all funds received are immediat

mulletino

5/22/22 9:43am

I have multiple banks with zelle

Acorn

5/22/22 10:03am

Multiple banking institutions is what I said. Venmo never charges fees unless you request purchase protection.

mulletino

5/22/22 10:04am

I use different banks with zelle. I also get charged on the receiving end from

Acorn

5/22/22 10:07am

Sure. But you either have to have completely separate Zelle accounts or you have to constantly change your banking info

mulletino

5/22/22 10:11am

I understand liking Venmo with low volume. Makes sense.

Acorn

5/22/22 10:16am

If you read my posts you'd know that I do not commingle since Venmo allows you to deposit funds into the bank account

mulletino

5/22/22 10:19am

Venmo charges fees on “Venmo for Business” just like PayPal Business does.

Saxa

5/22/22 10:22am

Only if your customers are total idiots 😉

Acorn

5/22/22 10:24am

I have no comment at this time 🤐

Saxa

5/22/22 10:26am

We had someone send us multiple $2.2 million checks

Acorn

5/22/22 10:40am

Wow.. your idiots are more wealthy than mine.

Saxa

5/22/22 10:49am

I wish. Unfortunately, those are my company’s idiots

Acorn

5/22/22 10:53am

Go spend a few days with your bees. That should make you feel better.

mulletino

5/22/22 10:28am

I only use Venmo to receive payments from various tenants. All send me funds as personal transfers, not as business

mulletino

5/22/22 10:28am

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