Sophia Posted September 14, 2021 Share Posted September 14, 2021 I just wanted to update everyone in case they didn't know. Starting in 2022, no matter where you make your money online, anything over $600 must be reported to the IRS. Paypal has dropped their 20k limit down to $600 as per that act Biden passed in 2020 for the relief funds. I guess this is their way of getting the money back. So needless to say, there is a good chance you will be getting taxed the 15.3% for online earnings. I think if you are married and earn under 20k, you won't owe much of anything and if you earn under 10k, you won't owe anything but if you are single without dependents, you will need to pay it. At least that is my understanding. Every transaction over $600 will be reported to the IRS as well and this goes for both online earnings and purchases as well as offline ones using credit cards and bank accounts. 3 Quote Link to comment Share on other sites More sharing options...
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.