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How to access your 1099-K form

How to access your 1099-K form

If you accept credit card payments through our Online Payments feature, you may receive a 1099-K form when tax season approaches. 

Below, you can find important information about the 1099-K form:


What is a 1099-K form?

The 1099-K is an informational form that summarizes the sales activity of your account, which is designed to assist you in reporting your taxes. Every year, the United States IRS requires that our payment processor provide a 1099-K for each account that meets all of the following criteria in the previous calendar year:

  • Account bank account is based in the United States
  • More than $20,000 USD in total gross volume
  • More than 200 charges

To learn more about your 1099-K, visit the IRS' website: Understanding Your Form 1099-K. You can also download a blank example of the 1099-K form here.


Where do I find my 1099-K form?

Our payment processor will mail your 1099-K to the business address defined in your Online Payments profile. They will be postmarked by January 31, 2021. If you’re expecting a 1099-K to arrive, but haven’t yet received it in the mail, please submit a help request for further assistance.


What information is included?

The document includes a variety of important information about your practice and income over the tax year, including but not limited to:

  • Your practice contact information
  • The EIN or SSN used for your Online Payments account
  • The number of charges that you’ve made with your Online Payments account in the calendar year
  • Any state or federal tax you’ve withheld through your Online Payments account

States with lower threshold requirements

There are certain states that have lower thresholds to qualify for a 1099-K. Please note that these thresholds are subject to change, and this information is accurate as of June 2021. You can find these thresholds below:

States

Threshold requirements

Massachusetts, Maryland, Mississippi, Virginia, and Vermont

All merchants who process a minimum of $600 in gross volume

Missouri 

All merchants who process a minimum of $1,200 in gross volume

Illinois 

All merchants who process a minimum of $1,000 USD in gross volume and who process more than 3 charges within the calendar year

New Jersey

All merchants who process a minimum of $1,000 USD in gross volume

If you’re in one of these states and don’t meet the state’s threshold, a 1099-K won’t be issued for your account. For more information on your 1099-K, you can reference this guide from our payment processor: 1099-K forms issued.


Does my practice qualify for a 1099-K?

For most accounts, the 1099-K is only automatically generated if your practice ran 200 charges or $20,000 in the last calendar year, but there are possible exceptions to this rule. Our payment processor provides a 1099-K form for each unique tax identification number (TIN), such as a Social Security Number (SSN) or Employer Identification Number (EIN), that meets the IRS processing threshold. It’s possible that you may have an account that doesn't meet the threshold, but they may provide you with the form anyway.

Some possible scenarios include:

  • You have two accounts with the same TIN; one meets the IRS threshold and one doesn't. Each will receive a 1099-K.
  • You have two accounts with the same TIN; neither are over the IRS threshold individually but, when combined, the threshold is met. Each will receive a 1099-K.
  • Your business is based in Illinois, Maryland, Massachusetts, Mississippi, Missouri, Virginia, or Vermont. 

For more information on your 1099-K, you can reference this guide: 1099-K forms issued.

Still have questions?

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