Filing my tax return
In accordance with IRS requirements, HyreCar issues form: 1099-K for earnings facilitated through our marketplace platform.
For 2024 earnings, HyreCar will provide your 1099-K through Stripe. You will receive these reports only if you reach the earnings threshold set by the IRS.
What is Form 1099-K?
Marketplace Facilitators, such as HyreCar are required to provide Form 1099-K to participating payees no later than January 31.
As required by the Internal Revenue Service, form 1099-K provides a report of total gross earnings (also called gross receipts) received from customers during the reporting period. It is important to note that the amount reflected on Form 1099-K represents gross earnings and does not equate to your net earnings. The reported gross earnings include HyreCar commissions, which are tax deductible.
The amount you received from HyreCar as a payout will not match the amount reported on your 1099-K form. The HyreCar commission is deducted prior to sending the payout.
The IRS has issued guidance clarifying that transactions for goods or services will be subject to reporting if total payments exceed $5,000 in 2024, $2,500 in 2025, and $600 starting in 2026 and for subsequent years.
For authoritative guidance, please go to the IRS website directly: IRS Website
Note:
HyreCar does not provide tax advice. For any tax-related questions, we highly recommend consulting a qualified tax professional who can offer guidance and assistance tailored to your specific tax situation.