Do I need to report a foreign bank account with less than $10,000?
Yes, you are legally required to report all income you earn from DoorDash, even if your net profit is less than $400. While a net profit below $400 may exempt you from paying self-employment tax, it does not exempt you from the obligation to report the gross income on your tax return. The IRS requires all income to be disclosed, and failing to do so can lead to significant problems, such as audits or penalties, if the IRS later identifies the income from your records or from information provided by DoorDash. Many gig workers incorrectly assume that there is a "minimum" income threshold for reporting, but there is no such thing. The $600 threshold often cited in tax discussions relates only to when a company is required to send you a 1099 form, not when you are required to report your own income. To keep your financial affairs in order and stay in the good graces of tax authorities, you should track all your earnings throughout the year, regardless of the amount, and include them in your annual tax filing.
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