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 have earned more than $600 from your bookings on Bambino, you will receive a 1099-K for 2022!
How will I receive my 1099-K?
As a Bambino Sitter, your earnings are processed through our third-party payment processor, Braintree, a division of PayPal, Inc. PayPal tracks your earnings, and at the end of the year, PayPal will generate a 1099-K Form if required.
You will receive a copy of your 1099-K and PayPal, Inc. will submit a copy to the IRS to report your earned income. If Bambino does not have all information necessary for PayPal to complete a 1099-K, Bambino will need to collect your name, address, and tax identification number. This information is required in order for PayPal to generate a valid 1099 tax form.
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. Do I still need to pay taxes?
Earning less than $600 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:
Understanding the Gig Economy (video)