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
IRS 1099 Deadline for 2021
IRS 1099 K form e-filing deadline for tax year 2021 is March 31, 2021. Now you can e-file form 1099-K copy A with IRS and send the recipient copy through USPS mail using our service. Payers must issue 1099 K form Copy B to recipients on or before January 31, 2021