What are tax holds?
Due to lower federal IRS reporting thresholds for 2022, you may need to provide Venmo with your tax information if you’re receiving payments for sales of goods and services. To help ensure compliance with new federal regulations, payments received for sales of goods and services in excess of federal or state reporting thresholds will be placed on hold until your tax information is confirmed. If you haven’t received any payments for sales of goods and services, this won’t affect you. If you do receive these payments, we’ll let you know once you’re approaching the threshold and whether any of your payments are on hold.
I received a notification asking me to confirm my taxpayer information. What should I do?
If you received this notification, it means that the total value of payments you’ve received for sales of goods and services on Venmo meets or exceeds federal or state IRS reporting thresholds for this kind of income. You can complete identity verification for the affected profile in your Venmo app – just follow the prompt from your Notifications page or look for Identity Verification under your Settings.
Learn more about identity verification on Venmo.
I already confirmed my taxpayer info. Why is my payment on hold?
If you’ve already confirmed your taxpayer information, you may still experience payment holds for a few different reasons. Read more about payment holds and what can cause them.