Form 1099-K

IRS 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.

Who must file:

File Form 1099-K, Payment Card and Third Party Network Transactions, for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card or third party network transaction, if the PSE submits the instruction to transfer funds to the account of the participating payee to settle the reportable payment transaction.

• Box 1a. Gross Payment Card/Third Party Network Transactions
• Box 1b. Card Not Present Transactions
• Box 2. Merchant Category Code
• Box 3. Number of Payment Transactions
• Box 4. Federal Income Tax Withheld
• Boxes 5a Through 5l
• Boxes 6 Through 8. State Information

How to E-FILE IRS Form 1099-K:

• Register or Sign in to your account
• Select a new Form 1099-K Form or Click on New filing
• Enter Payer, Recipient and Form 1099-K Information
• Enter state info as per the state requirement.
• Verify the info in the Cart or unsubmitted forms page
• Submit the Form 1099-K with the IRS and complete your requirement