How to set up Receiving Instagram Gifts with Tax info and Payout details

To set up receiving Instagram gifts with tax information and payout details, follow these steps:
Requirements:
1. Your Instagram account must be a Creator account.
2. You must be at least 18 years old.
3. You must have a valid bank account and tax identification number.
Step 1: Convert to a Creator Account
1. Open the Instagram app and go to your profile page.
2. Tap the three horizontal lines (≡) and select "Settings."
3. Tap "Account" and then "Switch to Creator account."
4. Follow the prompts to complete the conversion process.
Step 2: Add Tax Information
1. Go to your Instagram profile page and tap the three horizontal lines (≡).
2. Select "Settings" and then "Creator."
3. Tap "Monetization" and then "Tax information."
4. Enter your tax identification number (e.g., SSN, EIN) and other required information.
5. Tap "Save" to save your tax information.
Step 3: Add Payout Information
1. Go to your Instagram profile page and tap the three horizontal lines (≡).
2. Select "Settings" and then "Creator."
3. Tap "Monetization" and then "Payout information."
4. Enter your bank account information, including the bank name, routing number, and account number.
5. Tap "Save" to save your payout information.
Step 4: Enable Gifts
1. Go to your Instagram profile page and tap the three horizontal lines (≡).
2. Select "Settings" and then "Creator."
3. Tap "Monetization" and then "Gifts."
4. Toggle the switch to enable gifts.
5. Set your gift prices and tap "Save" to save your gift settings.
Step 5: Review and Agree to Terms
1. Review Instagram's Creator Terms and Conditions.
2. Agree to the terms by tapping "Accept."
Step 6: Wait for Approval
1. Instagram will review your application and verify your tax and payout information.
2. This process may take a few days to a few weeks.
3. Once approved, you'll receive a notification and can start receiving gifts.
Note: Instagram takes a 15% commission on all gifts received.
Resources:
1. Instagram Creator Support: (link unavailable)
2. Instagram Monetization Policy: (link unavailable)
3. IRS Tax Identification Number (TIN) Information: (link unavailable)
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