Your tax situation with Octopus will depend on the amount you cash out in 2020 from your Driver Dashboard. You can find a breakdown of your 2020 cash outs with Octopus by logging on to your Driver Dashboard at: account.playoctopus.com.
Then, click the three lines in the top left corner, before clicking “Payments,” as pictured below:
Once you select “Payments,” you can view a breakdown of the dates you cashed out your earnings and your total cash outs each year, as pictured below:
Please select your 2020 cash outs below for specific advice on what to expect from Octopus this tax season:
I cashed out $600 or more with Octopus in 2020
You will receive a 1099 form from Octopus. The Internal Revenue Service requires that we obtain a W9 form from drivers who cash out over $600 in a calendar year with Octopus and send a completed 1099 form. If you completed the W9 form on your driver dashboard, we will be sending completed 1099 forms by the end of January 2021. These forms will be mailed to the address you provided on the W9 Driver Dashboard form.
If you have to change the address you provided, please let our support team know by January 25, 2021 at: email@example.com.
If you earned over $600 with Octopus in 2020 and have not yet submitted your W9 information on your Driver Dashboard, please provide your information by January 25, 2021 to ensure that you receive a 1099. You can complete your W9 form on your Driver Dashboard at: driver.playoctopus.com/my-account/w9details.
I cashed out less than $600 with Octopus in 2020
You will not receive any tax forms from Octopus. The IRS does not require that we send a 1099 if you cash out less than $600 with Octopus in a calendar year.
If you earned between $550 and $600 with Octopus in 2020, you likely were still asked to complete a W9 form — we ask that you complete a W9 form to ensure we are in compliance if you end up cashing out $600 or more with Octopus within a calendar year.
Looking for tips as you work on your taxes? Check out this article from our friends at at Gridwise: gridwise.io/rideshare-driver-tax-deduction-guide.
Please note: We are unable to provide any tax advice, and recommend that you contact an accountant or tax advisor if you have any questions about completing your taxes.