Your tax situation with Octopus will depend on the amount you cash out in 2022 from your Driver Dashboard. You can find a breakdown of your 2022 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.” Once you select “Payments,” you can view a breakdown of the dates you cashed out your earnings and your total cash outs each year.
Please select your 2022 cash outs below for specific advice on what to expect from Octopus this tax season:
I cashed out $600 or more with Octopus in 2022
I cashed out less than $600 with Octopus in 2022
I cashed out $600 or more with Octopus in 2022
If you provided a valid W9 form before January 23rd, 2023: Our finance team sent a 1099 via USPS on January 20th, 2023 and via email on January 31st, 2023. Please check your spam or junk mail folder for an email from contact@playoctopus.com if you are unable to find the form.
If you did not provide a valid W9 before January 23rd, 2023: We will not send you a 1099 form. We recommend contacting an accountant or tax preparer if you have any questions about reporting your income with Octopus.
I cashed out less than $600 with Octopus in 2022
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 2022, 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.