Irs 1099 K Details

Every year, business owners and taxpayers are inundated with a slew of tax documents. Among them is the Form 1099 K, which is used to report certain payments made by a business to another person or entity. King County Bar Association's (KCBA) CPA firm can help you understand this form and how it affects your taxes.

You will find additional information relating to the form 1099 k by checking out the table our team compiled.

QuestionAnswer
Form NameForm 1099 K
Form Length8 pages
Fillable?Yes
Fillable fields36
Avg. time to fill out9 min 16 sec
Other names1099 k, 1099 k form 2020, how to file 1099 k, form 1099 k get

Form Preview Example

ATTENTION:

Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do NOT print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that can’t be scanned. See part O in the current General Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more information about penalties.

Please note that Copy B and other copies of this form, which appear in black, may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient.

To order official IRS information returns, which include a scannable Copy A for filing with the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on Employer and Information Returns, and we’ll mail you the forms you request and their instructions, as well as any publications you may order.

Information returns may also be filed electronically using the IRS Filing Information Returns Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act Information Returns (AIR) program (visit www.IRS.gov/AIR).

See IRS Publications 1141, 1167, and 1179 for more information about printing these tax forms.

1010

VOID

CORRECTED

FILER’S name, street address, city or town, state or province, country, ZIP

FILER’S TIN

OMB No. 1545-2205

 

 

or foreign postal code, and telephone no.

 

 

 

 

Payment Card and

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYEE’S TIN

2020

 

Third Party

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

 

 

 

 

1a Gross amount of payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

card/third party network

 

 

 

Transactions

 

 

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

 

 

 

 

 

 

 

1b Card Not Present

2

Merchant category code

Copy A

 

 

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

 

Check to indicate if FILER is a (an):

Check to indicate transactions

$

 

 

 

For

 

 

 

reported are:

 

 

 

 

 

Internal Revenue

Payment settlement entity (PSE)

 

 

 

3 Number of payment

4

Federal income tax

 

 

Payment card

 

 

 

 

Service Center

 

 

 

transactions

 

withheld

Electronic Payment Facilitator

 

 

 

 

 

 

 

 

 

 

$

 

 

 

(EPF)/Other third party

 

 

Third party network

 

 

 

 

 

PAYEE’S name

 

 

 

 

5a January

5b February

File with Form 1096.

 

 

 

 

 

$

$

 

 

For Privacy Act

 

 

 

 

 

5c March

5d April

 

 

 

 

 

and Paperwork

 

 

 

 

 

$

$

 

 

Street address (including apt. no.)

 

 

 

 

 

 

 

 

Reduction Act

 

 

 

 

 

5e May

5f

June

Notice, see the

 

 

 

 

 

$

$

 

 

2020 General

 

 

 

 

 

5g July

5h August

Instructions for

 

 

 

 

 

Certain Information

 

 

 

 

 

$

$

 

 

City or town, state or province, country, and ZIP or foreign postal code

 

 

 

 

Returns.

 

 

 

 

 

5i September

5j

October

 

 

 

 

 

$

$

 

 

 

PSE’S name and telephone number

 

 

 

 

 

 

 

 

 

 

5k November

5l

December

 

 

 

 

 

 

$

$

 

 

 

Account number (see instructions)

 

 

2nd TIN not.

6 State

7

State identification no.

8 State income tax withheld

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

$

Form 1099-K

Cat. No. 54118B

www.irs.gov/Form1099K

Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

VOID

CORRECTED

FILER’S name, street address, city or town, state or province, country, ZIP

FILER’S TIN

OMB No. 1545-2205

 

 

or foreign postal code, and telephone no.

 

 

 

Payment Card and

 

 

 

 

 

 

 

PAYEE’S TIN

2020

 

Third Party

 

 

 

 

 

 

 

 

Network

 

 

1a Gross amount of payment

 

 

 

 

 

 

 

 

 

 

 

card/third party network

 

 

 

Transactions

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

 

 

 

 

1b Card Not Present

2

Merchant category code

Copy 1

 

 

transactions

 

 

 

 

 

 

 

 

 

Check to indicate if FILER is a (an):

Check to indicate transactions

$

 

 

 

For State Tax

 

reported are:

 

 

 

 

Department

 

3 Number of payment

4

Federal income tax

Payment settlement entity (PSE)

Payment card

 

transactions

 

withheld

 

Electronic Payment Facilitator

 

 

 

 

 

$

 

 

 

(EPF)/Other third party

Third party network

 

 

 

 

PAYEE’S name

 

5a January

5b February

 

 

 

$

$

 

 

 

 

 

5c March

5d April

 

Street address (including apt. no.)

 

$

$

 

 

 

 

 

5e May

5f

June

 

 

 

$

$

 

 

 

 

 

5g July

5h August

 

City or town, state or province, country, and ZIP or foreign postal code

$

$

 

 

 

 

 

5i September

5j

October

 

 

 

$

$

 

 

 

PSE’S name and telephone number

 

 

 

 

 

 

5k November

5l

December

 

 

 

$

$

 

 

 

Account number (see instructions)

 

6 State

7

State identification no.

8 State income tax withheld

 

 

 

 

 

 

$

 

 

 

 

 

 

$

Form 1099-K

www.irs.gov/Form1099K

 

Department of the Treasury - Internal Revenue Service

CORRECTED (if checked)

FILER’S name, street address, city or town, state or province, country, ZIP

 

FILER’S TIN

OMB No. 1545-2205

 

 

or foreign postal code, and telephone no.

 

 

 

 

Payment Card and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYEE’S TIN

2020

 

Third Party

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

 

 

 

 

 

 

1a Gross amount of payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

card/third party network

 

 

 

Transactions

 

 

 

 

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

 

 

 

 

 

 

 

 

 

1b Card Not Present

2

Merchant category code

Copy B

 

 

 

 

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to indicate if FILER is a (an):

 

Check to indicate transactions

 

$

 

 

 

For Payee

 

 

 

 

reported are:

 

 

 

 

 

 

 

Payment settlement entity (PSE)

 

 

Payment card

 

 

3 Number of payment

4

Federal income tax

 

Electronic Payment Facilitator

 

 

 

 

 

transactions

 

withheld

This is important tax

 

 

 

 

 

 

$

 

 

information and is

(EPF)/Other third party

 

 

 

Third party network

 

 

 

 

 

 

 

 

 

 

 

 

 

being furnished to

 

 

 

 

 

 

 

 

 

 

 

PAYEE’S name

 

 

 

 

 

 

5a January

5b February

the IRS. If you are

 

 

 

 

 

 

 

$

$

 

 

required to file a

 

 

 

 

 

 

 

 

 

return, a negligence

 

 

 

 

 

 

 

5c March

5d April

 

 

 

 

 

 

 

penalty or other

Street address (including apt. no.)

 

 

 

 

$

$

 

 

sanction may be

 

 

 

 

 

 

imposed on you if

 

 

 

 

 

 

 

5e May

5f

June

 

 

 

 

 

 

 

taxable income

 

 

 

 

 

 

 

$

$

 

 

results from this

 

 

 

 

 

 

 

 

 

transaction and the

 

 

 

 

 

 

 

5g July

5h August

 

 

 

 

 

 

 

IRS determines that it

City or town, state or province, country, and ZIP or foreign postal code

 

$

$

 

 

has not been

 

 

 

reported.

 

 

 

 

 

 

 

5i September

5j

October

 

 

 

 

 

 

 

 

 

 

 

 

 

$

$

 

 

 

PSE’S name and telephone number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5k November

5l

December

 

 

 

 

 

 

 

 

$

$

 

 

 

Account number (see instructions)

 

 

 

 

6 State

7

State identification no.

8 State income tax withheld

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

(Keep for your records)

www.irs.gov/Form1099K

Department of the Treasury - Internal Revenue Service

Instructions for Payee

You have received this form because you have either (a) accepted payment cards for payments, or (b) received payments through a third party network that exceeded $20,000 in gross total reportable transactions and the aggregate number of those transactions exceeded 200 for the calendar year. Merchant acquirers and third party settlement organizations, as payment settlement entities (PSEs), must report the proceeds of payment card and third party network transactions made to you on Form 1099-K under Internal Revenue Code section 6050W. The PSE may have contracted with an electronic payment facilitator (EPF) or other third party payer to make payments to you.

If you have questions about the amounts reported on this form, contact the FILER whose information is shown in the upper left corner on the front of this form. If you do not recognize the FILER shown in the upper left corner of the form, contact the PSE whose name and phone number are shown in the lower left corner of the form above your account number.

See the separate instructions for your income tax return for using the information reported on this form.

Payee’s taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)). However, the issuer has reported your complete TIN to the IRS.

Account number. May show an account number or other unique number the PSE assigned to distinguish your account.

Box 1a. Shows the aggregate gross amount of payment card/third party network transactions made to you through the PSE during the calendar year.

Box 1b. Shows the aggregate gross amount of all reportable payment transactions made to you through the PSE during the calendar year where the card was not present at the time of the transaction or the card number was keyed into the terminal. Typically, this relates to online sales, phone sales, or catalogue sales. If the box for third party network is checked, or if these are third party network transactions, Card Not Present transactions will not be reported.

Box 2. Shows the merchant category code used for payment card/ third party network transactions (if available) reported on this form.

Box 3. Shows the number of payment transactions (not including refund transactions) processed through the payment card/third party network.

Box 4. Shows backup withholding. Generally, a payer must backup withhold if you did not furnish your TIN or you did not furnish the correct TIN to the payer. See Form W-9, Request for Taxpayer Identification Number and Certification, and Pub. 505. Include this amount on your income tax return as tax withheld.

Boxes 5a–5l. Show the gross amount of payment card/third party network transactions made to you for each month of the calendar year.

Boxes 6–8. Show state and local income tax withheld from the payments.

Future developments. For the latest information about developments related to Form 1099-K and its instructions, such as legislation enacted after they were published, go to WWW.IRS.GOV/FORM1099K.

CORRECTED (if checked)

FILER’S name, street address, city or town, state or province, country, ZIP

FILER’S TIN

OMB No. 1545-2205

 

 

or foreign postal code, and telephone no.

 

 

 

Payment Card and

 

 

 

 

 

 

 

PAYEE’S TIN

2020

 

Third Party

 

 

 

 

 

 

 

 

Network

 

 

1a Gross amount of payment

 

 

 

 

 

 

 

 

 

 

 

card/third party network

 

 

 

Transactions

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

 

 

 

 

1b Card Not Present

2

Merchant category code

Copy 2

 

 

transactions

 

 

 

 

 

 

 

 

 

Check to indicate if FILER is a (an):

Check to indicate transactions

$

 

 

 

 

 

reported are:

 

 

 

 

 

 

3 Number of payment

4

Federal income tax

 

Payment settlement entity (PSE)

Payment card

 

transactions

 

withheld

 

Electronic Payment Facilitator

 

 

 

 

 

$

 

 

 

(EPF)/Other third party

Third party network

 

 

 

 

PAYEE’S name

 

5a January

5b February

 

 

 

$

$

 

 

 

 

 

5c March

5d April

To be filed with the

Street address (including apt. no.)

 

$

$

 

 

 

 

 

recipients state

 

 

5e May

5f

June

 

 

income tax return,

 

 

 

 

 

 

 

 

$

$

 

 

when required.

 

 

5g July

5h August

 

City or town, state or province, country, and ZIP or foreign postal code

$

$

 

 

 

 

 

5i September

5j

October

 

 

 

$

$

 

 

 

PSE’S name and telephone number

 

 

 

 

 

 

5k November

5l

December

 

 

 

$

$

 

 

 

Account number (see instructions)

 

6 State

7

State identification no.

8 State income tax withheld

 

 

 

 

 

 

$

 

 

 

 

 

 

$

Form 1099-K

www.irs.gov/Form1099K

 

Department of the Treasury - Internal Revenue Service

VOID

CORRECTED

FILER’S name, street address, city or town, state or province, country, ZIP

FILER’S TIN

OMB No. 1545-2205

 

 

or foreign postal code, and telephone no.

 

 

 

Payment Card and

 

 

 

 

 

 

 

 

 

PAYEE’S TIN

2020

 

Third Party

 

 

 

 

 

 

 

 

 

 

Network

 

 

 

1a Gross amount of payment

 

 

 

 

 

 

 

 

 

 

 

 

 

card/third party network

 

 

 

Transactions

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-K

 

 

 

 

 

1b Card Not Present

2

Merchant category code

Copy C

 

 

 

transactions

 

 

 

 

 

 

 

 

 

 

Check to indicate if FILER is a (an):

Check to indicate transactions

$

 

 

 

For FILER

 

reported are:

 

 

 

 

 

 

3 Number of payment

4

Federal income tax

 

Payment settlement entity (PSE)

Payment card

 

transactions

 

withheld

 

Electronic Payment Facilitator

 

 

 

 

 

 

 

$

 

 

 

(EPF)/Other third party

Third party network

 

 

 

 

PAYEE’S name

 

 

5a January

5b February

For Privacy Act

 

 

 

$

$

 

 

 

 

 

 

 

and Paperwork

 

 

 

5c March

5d April

 

 

 

Reduction Act

Street address (including apt. no.)

 

 

$

$

 

 

Notice, see the

 

 

 

5e May

5f

June

2020 General

 

 

 

Instructions for

 

 

 

$

$

 

 

 

 

 

 

 

Certain Information

 

 

 

5g July

5h August

 

 

 

Returns.

 

 

 

 

 

 

 

City or town, state or province, country, and ZIP or foreign postal code

$

$

 

 

 

 

 

 

5i September

5j

October

 

 

 

 

$

$

 

 

 

PSE’S name and telephone number

 

 

 

 

 

 

 

 

5k November

5l

December

 

 

 

 

$

$

 

 

 

Account number (see instructions)

 

2nd TIN not.

6 State

7

State identification no.

8 State income tax withheld

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

Form 1099-K

www.irs.gov/Form1099K

 

Department of the Treasury - Internal Revenue Service

Instructions for FILER Who Is a Payment Settlement Entity or Electronic Payment Facilitator/Other Third Party

To complete Form 1099-K, use:

The 2020 General Instructions for Certain Information Returns, and

The 2020 Instructions for Form 1099-K.

To order these instructions and additional forms, go

to WWW.IRS.GOV/FORM1099K.

Caution: Because paper forms are scanned during processing, you cannot file Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website.

Due dates. Furnish Copy B of this form to the recipient by February 1, 2021.

File Copy A of this form with the IRS by March 1, 2021. If you file electronically, the due date is March 31, 2021. To file electronically, you must have software that generates a file according to the specifications in Pub. 1220. The IRS does not provide a fill-in form option for Copy A.

Need help? If you have questions about reporting on Form 1099-K, call the information reporting customer service site toll free at 866-455-7438 or 304-263-8700 (not toll free). Persons with a hearing or speech disability with access to TTY/TDD equipment can call 304-579-4827 (not toll free).

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