1099-K

What is Form 1099-K?

Form 1099-K is an informational return that records transactions from credit or debit cards and third-party payment networks.

It's issued by payment card companies, payment apps, and online marketplaces to report payments you received for goods or services during the year.

You'll receive a copy of Form 1099-K if you meet certain criteria, regardless of the number of payments or their amounts.

Who needs to file Form 1099-K?

Payment app or online marketplace providers are required to send Form 1099-K if:

• The payments made for goods or services total over $20,000 from over 200 transactions.
• This applies to various platforms like payment apps, online community marketplaces, craft or maker marketplaces, and more.
• Personal payments from family and friends should not be reported on Form 1099-K because they are not payments for goods or services.