Getting Ready to File 2022 Income Tax Returns?
- Confirm that employers, banks, and other payors have your current mailing address and email address. This will ensure that you receive your year-end tax statements.
- Set-up a safe place to store year-end tax forms; these generally start arriving by mail or are available online in mid-to-late January.
- Carefully review each income statement received for accuracy. Contact the issuer to correct information that needs to be updated.
If you receive payments for goods or services through a third-party payment network (like Paypal, Venmo or Zelle) you will now receive a reporting form (Form 1099-K, Payment Card and Third-party Network Transactions) once the amount of business transactions exceeds $600. Money received through third-party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is generally not taxable. If you receive a 1099-K reflecting income you did not earn you should call the third-party payment network.