Do I need to pay taxes on the money I earned through Bambino?

Modified on Tue, 24 Jan 2023 at 03:18 PM

Bambino is not a tax advisor and should not be used as such. 

 

At the federal level, the threshold for receiving a 1099-K form is at least $600 in gross earnings. So, if you earn more than $600 from your bookings on Bambino, you will receive a 1099-K for 2023! For 2022, the threshold for receiving a 1099-k form is at least $20,000 in gross earnings.

How will I receive my 1099-K?
 

As a Bambino Sitter, your earnings are processed through our third-party payment processor, *Stripe. Stripe tracks your earnings, and at the end of the year, Stripe will generate a 1099-K Form if required.

 

You will receive a copy of your 1099-K and Stripe will submit a copy to the IRS to report your earned income. If Bambino does not have all information necessary for Stripe to complete a 1099-K, Bambino will need to collect your name, address, and tax identification number. This information is required in order for Stripe to generate a valid 1099 tax form.


*If you were a part of the Bambino community prior to our switch to Stripe, you will receive the same information from Braintree, a division of PayPal, and our former payment processor. 


 

Where can I keep track of my earnings with Bambino? 

 

You can view your reservations in your app: Bookings > Confirmed > View History. 


 

I earned less than $600 in 2023 or $20,000 in 2022, do I still need to pay taxes? 

 

Earning less than the threshold does not necessarily relieve you of your tax obligations. We suggest you leave this question to the experts! Bambino encourages you to go over any outstanding concerns with your tax advisor.

 

Here’s what the IRS has to say about gig workers like you: 


Gig Economy Tax Center


Understanding the Gig Economy (video) 


Managing Taxes for Your Gig Work 



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