Form 1099-K - Form 1099-K Instructions included
The form 1099-K is for merchant cards and third party payments such as you would get when you get paid by a company that handles payments for sales on the internet. The Electronic Payment Facilitator (EFP)/Third Party Payer (TTP) handling the money would send it to you.
So far there is no requirement to report on a 1099-K as long as there are fewer than 200 transactions and less than $20,000.
The sections to fill out on the 1099-K are:
- Filer's - Name, address, city , state etc.
- If checked the filer is Payment Settlement Entity or if checked filer is Electronic Payment facilitator (EFP)/Third PArty Payer (TTP)
- Payee's name - Address - Apt. #, City, State, Zip
- PSE's name and telephone number.
- Account number (see instructions)
- Filer's Federal ID number
- Payee's Taxpayer ID number
- Gross amount of merchant card/third party network payments
- Merchant category code
- 12 boxes to list amounts for each individual month
Download the Form 1099-K with Instructions to better understand what it looks like.
Form K on this site is
(not for filing)
You can avoid the paper problems and use