Your tax situation with Octopus will depend on the amount you cash out in 2024 from your Driver Dashboard. You can find a breakdown of your 2024 cash outs with Octopus by using the Wallet feature in Octopus Driver App. You can find instructions how to find a breakdown of your payments at: https://playoctopus.com/help/app-cashout/
Please select your 2024 cash outs below for specific advice on what to expect from Octopus this tax season:
I cashed out $600 or more with Octopus in 2024
I cashed out less than $600 with Octopus in 2024
I cashed out $600 or more with Octopus in 2024
If you provide a valid W9 before January 17th, 2024: Our finance team will send you a 1099 via USPS and via email to your address on file by January 31st, 2025. Please check your spam or junk mail folder for an email from [email protected] if you are unable to find the form.
If you do not provide a valid W9 before January 17th, 2024: We will not issue you a 1099 form and you will not receive any tax forms from Octopus. 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 2024
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 2024, 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.