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 1. Home
 2. File
 3. Businesses and Self-Employed
 4. Understanding Your Form 1099-K


UNDERSTANDING YOUR FORM 1099-K

 


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Form 1099-K, Payment Card and Third-Party Network Transactions, is an IRS
information return used to report certain payment transactions to improve
voluntary tax compliance. You should receive Form 1099-K by January 31st if, in
the prior calendar year, you received payments:

 * From payment card transactions (e.g., debit, credit, or stored-value cards),
   and/or
 * In settlement of third-party payment network transactions above the minimum
   reporting thresholds as follows:
   * For returns for calendar years prior to 2022:
     * Gross payments that exceed $20,000, AND
     * More than 200 such transactions
   * For returns for calendar years after 2021:
     * Gross payments that exceed $600, AND
     * Any number of transactions

Note: For transactions made after March 11, 2021, The American Rescue Plan Act
of 2021 clarifies Form 1099-K reporting by third-party settlement organizations
applies only for transactions for the provision of goods or services settled
through a third-party payment network.


WHAT DOES MY FORM 1099-K REPORT TO ME?

Form 1099-K includes the gross amount of all reportable payment transactions.
You will receive a Form 1099-K from each payment settlement entity from which
you received payments in settlement of reportable payment transactions. A
reportable payment transaction is defined as a payment card transaction or a
third-party network transaction.

 * Payment card transaction means any transaction in which a payment card, or
   any account number or other identifying data associated with a payment card,
   is accepted as payment.
 * Third party network transaction means any transaction that is settled through
   a third-party payment network, but only after the total amount of such
   transactions exceeds the minimum reporting thresholds.
   
   The gross amount of a reportable payment does not include any adjustments for
   credits, cash equivalents, discount amounts, fees, refunded amounts, or any
   other amounts. The dollar amount of each transaction is determined on the
   date of the transaction.
   
   NOTE: The minimum reporting thresholds apply only to payments settled through
   a third-party network; there is no threshold for payment card transactions.


WHAT SHOULD I DO WITH THIS INFORMATION?

It is important that your business books and records reflect your business
income, including any amounts that may be reported on Form 1099-K. You must
report on your income tax return all income you receive from your business. In
most cases, your business income will be in the form of cash, checks, and
debit/credit card payments. Business income is generally referred to as gross
receipts on income tax returns. Therefore, you should consider the amounts shown
on Form 1099-K, along with all other amounts received, when calculating gross
receipts for your income tax return.


IN ADDITION --

 * Check your payment card receipt records and merchant statements to confirm
   that the amount on your Form 1099-K is accurate
 * Review your records to ensure your gross receipts are accurate and reported
   correctly on your income tax return
 * Determine whether you have reported income from all forms of payment
   received, including cash, checks, and debit, credit, and stored-value card
   transactions
 * Maintain documentation to support both the income and deductions you report
   on your income tax return


DO ANY OF THESE STATEMENTS APPLY TO THE FORM(S) 1099-K YOU RECEIVED?

 * The Form 1099-K does not belong to you or is a duplicate
 * The payee Taxpayer Identification Number (TIN) is incorrect
 * The gross amount of payment card/third party network transactions is
   incorrect
 * The number of payment transactions is incorrect
 * The Merchant Category Code (MCC) does not correctly describe your business


IF SO, CONSIDER THE FOLLOWING:

 * If the Form 1099-K does not belong to you, contact the Payment Settlement
   Entity (PSE) listed on the Form 1099-K to try determine why you received the
   document. The name and telephone number should be shown in the lower-left
   part on the form. If a PSE name and number are not shown, contact the Filer
   at the number shown in the upper-left corner on the form. Retain any
   correspondence with the PSE. 
 * If there is an error on the form, request a corrected Form 1099-K from the
   PSE. Keep a copy of any corrected Form 1099-K you receive with your records
   as well as any correspondence with the PSE.


WHAT SHOULD I DO WHEN THE TOTAL GROSS PAYMENT AMOUNT SHOWN ON FORM 1099-K DOES
NOT BELONG TO ME?

In some cases, the total gross payment amount on Form 1099-K may not belong to
you. The following examples illustrate such situations and provide information
that may help you determine how to account for the amount of gross payments
shown on the Form 1099-K you received.

 * If you report your business income on Form 1120, 1120S or 1065 and you
   receive a Form 1099-K in your name:
   * If you report your business income on a Form 1120, 1120S or 1065 and you
     receive a Form 1099-K in your name as an individual (showing your social
     security number), contact the PSE listed on the Form 1099-K to request a
     corrected Form 1099-K showing the business's TIN. In addition, request that
     the PSE use the business's TIN on all future Forms 1099-K. Report the
     income from the Form 1099-K along with any other sources of income on the
     appropriate income tax return. Retain all correspondence with the PSE to
     show that this error was corrected.
 * If you shared your credit card terminal with another person or business:
   * If you shared your credit card terminal with another person or business,
     your Form 1099-K will include payment card transactions belonging to the
     person or business that shared your terminal, in addition to your own
     payments. Where required, you should file and furnish the appropriate
     information return (e.g., Form 1099-K or Form 1099-MISC) for each person or
     business with whom you shared a card terminal. The information return
     should include the total payment card transaction amount in addition to any
     other income belonging to the other person or business. You should retain
     records of payments issued to each person or business sharing your
     terminal, including but not limited to shared terminal written agreements
     and cancelled checks.
 * If you bought or sold your business during the year:
   * If you bought or sold your business during the year, your Form 1099-K may
     include payments for transactions made before you purchased or after you
     sold the business. This can occur when the tax identification number and
     business name associated with a credit card terminal are not updated with
     the new owner's information. You should request a corrected Form 1099-K
     from the PSE/Filer listed on the form. Its name and telephone number are on
     the form. Also keep a copy of corrected Form(s) 1099-K with your records
     and retain the purchase or sales agreement that substantiates the timing of
     the ownership change.
 * If you changed your business entity structure during the year:
   * If you changed your business structure during the year, such as
     incorporating or converting from a sole-proprietorship (Schedule C) to a
     partnership (Form 1065), or vice versa, and continued using the same card
     terminal, the amount shown on the Form 1099-K will not correspond with your
     new entity's tax return. Be sure to timely notify your merchant acquirer of
     any change to the name and tax identification number that links the
     terminal to your current business structure. Be sure to maintain
     documentation to support the correct income and deductions for both
     business entities.
 * If you allow your customers to receive cash back when they use their debit
   cards for purchases:
   * If you allow your customers to receive cash back when they use their debit
     cards for purchases, the Form 1099-K you receive will include those cash
     back amounts as part of the gross amount of payment card transactions.
     Generally, you would not include cash back amounts as part of your
     business's gross receipts on your income tax return, nor would you claim
     such amount paid to a customer as a business expense. It is important that
     you maintain records of customer cash back activity over the course of your
     tax year. 
 * If your business (or businesses) has multiple sources of income:
   * If your business (or businesses) has multiple sources of income, you may
     report business income on more than one line of a return or on multiple
     returns or schedules. For example, assume you operate a retail business and
     have rental income. You accept payment cards for both businesses, but
     because you have only one credit card terminal to process these
     transactions, your Form 1099-K will include gross payment card receipts for
     both businesses. You should use your books and records to ensure that all
     gross receipts are reported on the appropriate line or schedule. In this
     case, the gross receipts from the retail business should be reported on
     Schedule C, and the amounts related to the rental activity included in the
     rental income reported on the Schedule E.


MORE INFO

If you have questions about the amount reported, contact the filer (see the
upper left corner of Form 1099-K). If you have questions about the merchant or
third-party transaction network, find the contact in the lower left corner of
Form 1099-K.

 * FAQs on Payment Card and Third-Party Network Payments
 * 1099-K Reporting Requirements for Payment Settlement Entities 
 * Gig Economy Tax Center

Page Last Reviewed or Updated: 12-Jan-2022
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