Income from Your Side Hustle is Taxable

Money you make from your side job (gig) is taxable, regardless of whether you receive a 1099 or other information returns.

Starting in 2022 the reporting requirements have changed. Gig workers will receive form 1099-K for totals exceeding $600, regardless of the total number of transactions. This means some gig worker will now receive and information return. This is true even if the work is full-time, part-time or an individual is paid in cash.

Gig workers may also be required to make quarterly estimated income tax payments and pay their share of Social Security and Medicare taxes.