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

Modified on Mon, 12 Feb 2024 at 02:29 PM

While we at Bambino are all about easing your babysitting connections, we're not tax advisors! 

Are You Eligible for a 1099-K Form? 

  • For 2023: If your Bambino earnings exceed $20,000, you will receive a 1099-K form! 
  • For 2024:  The IRS plans for a threshold of $5,000 to receive a 1099-K form. Keep an eye on irs.gov  for the most up to date information.


How Will You Receive Your 1099-K Form? 

  • Your earnings flow through our partner, Stripe. At year's end, if you've crossed the earnings threshold, Stripe will craft your 1099-K Form, sending a copy your way and another to the IRS. Make sure your details (name, address, and tax identification number) are up to date for a seamless process.


Where Can You View Your Bambino Earnings? 

  • Keep a keen eye on your earnings in your app! Navigate to: Bookings > Confirmed > View History.


 

What If Your Earnings Are Below the Threshold? 

  • Even if your earnings are below the IRS threshold, you might still have tax obligations. For a clear tax path, rally with your tax advisor. 

 

Check out what the IRS says about gig workers:



Bambino is here to support you beyond just bookings. While we can't wear the tax advisor hat, we encourage you to ensure your earnings are in sync with your tax responsibilities. Stay tax-savvy and keep enjoying your Bambino journey!


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