Rev. March 2024
Form 1099-K is an information return used by payment settlement entities to report certain payment card and third party network transactions to recipients and the Internal Revenue Service (IRS). It includes details such as the gross amount of transactions, merchant category code, and number of payment transactions. This form is necessary for reporting income related to the gig economy.
Reportable payment transactions include credit card transactions, debit card transactions, electronic fund transfers, and certain other types of payments processed through a payment card or third-party network. The gross amount of these transactions is reported on Form 1099-K.
Form 1099-K reports the total gross amount of payment card and third-party network transactions for each participating payee, the number of such transactions, and certain other information. It also includes a merchant category code (MCC) to help classify the payee's business.
Form 1099-K is used by payment card and third-party network merchants to report certain payment transactions to their payees and the Internal Revenue Service (IRS).
Form 1099-K must be filed with the IRS by February 28 (or March 31 if filing electronically) of the year following the calendar year of the transactions reported. Payees must also receive a copy of Form 1099-K by January 31 of the year following the calendar year of the transactions reported.
Payment card and third-party network merchants are required to file Form 1099-K if they have processed more than $20,000 in gross payment transactions and have processed more than 200 such transactions during the calendar year.
Form 1099-K is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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