3 'big changes' to know about the 2025 tax season
It's officially the 2025 tax season! H&R Block's (HRB) Tax Institute head and vice president Andy Phillips joins Wealth with Brad Smith to discuss three things that US taxpayers should know this year. "First, if you're one of the many folks who's maybe making some side money through an online marketplace selling items on like an Etsy (ETSY), or even selling tickets on a StubHub, or if you're someone who takes payments through a third party payment app, like maybe a PayPal (PYPL) or Venmo, the threshold for receiving form 1099-K this year has been drastically reduced down to $5,000," Phillips says, explaining, "What this means is a lot more people are going to get a 1099-K this year, many for the first time." Another change is the form 1099-DA, which is a new form for virtual currency traders. "If you make trades on a platform in a virtual currency, you are going to get a 1099-DA for next year starting in early 2026. That's really important because no one has received those before. But what hasn't changed is those transactions are always taxable ... Making a plan for this year to make sure you've been reporting it properly for 2024 and prior years and for next year is really important." "The last one, the child tax credit, is a credit for working families to help make ends meet if they have eligible children, generally children under 17, that meet a few other requirements," Phillips says, noting that if eligible you can get up to $1,700 of that $2,000. Watch the video above to learn more about H&R Block's artificial intelligence (AI) powered filing tools and tips to avoid identity theft and mistakes when filing. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Naomi Buchanan.
