Ask Terry Questions Tax on Zelle

Tax on Zelle

By Terry Savage on May 01, 2022 | Wild Card

Am I subject to a 1099 if my daughter uses Zelle to transfer money she owes me to my bank account?

Terry Says

No. First it is a family transfer not a payment for services or goods. But second, Zelle says it is a platform not a financial account, and is therefore exempt from those new reporting requirements.

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