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The relationship between Zelle and the IRS has once again sparked concerns regarding the 2026 tax return, in a context where the United States is changing the regulations that govern oversight of virtual wallets and payment apps used by many taxpayers.
With the implementation of new thresholds, forms, and reporting criteria, the use of these platforms has become an essential element when filing a return with the Internal Revenue Service (IRS), especially for those who earn income from sales, services, or independent work.
Zelle and the IRS in 2026: how it will affect your tax return
The Government confirmed that the IRS reporting obligations focus mainly on payment apps that act as business intermediaries, which must issue Form 1099-K if income exceeds certain amounts: USD 600 starting in 2026, unless legislative changes occur.
In this context, Zelle has a different treatment due to its operating model, which is based on direct transfers between bank accounts, which is why it is excluded from the automatic 1099-K issuance system.
However, the IRS notes that income received through Zelle for business activities, jobs, or services is considered taxable and, therefore, must be reported properly.
What happens with other virtual wallets and which ones do report to the IRS?
Unlike Zelle, other popular apps are subject to automatic reporting when the established thresholds are exceeded, which means the 1099-K is sent both to the taxpayer and to the IRS. This includes payments linked to product sales, services, freelance work, or side gigs.