Form 1099-K

Form name

Payment Card and Third Party Network Transactions

IRC Section

6050W

Link to form

https://www.irs.gov/pub/irs-pdf/f1099k.pdf

A payment settlement entity (PSE) must file Form 1099-K 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 thirdparty network transaction, if the PSE submits the instruction to transfer funds to the account of the participating payee to settle the reportable payment transaction Every PSE or other party which submits instructions to transfer funds to the account of a participating payee, in settlement of reportable payment transactions, must file an information return (Form 1099-K) with respect to each participating payee for that calendar year.

• The name, address, taxpayer identification number and phone number of the filer,
• The name, address, and taxpayer identification number of each participating payee
• PSE’s name and telephone number
• Gross amount of payment card/third party network transactions
• Card not present transactions
• Merchant category code
• Number of payment transactions
• Federal income tax withheld
• Monthly payments
• State information

 

Please see Form 1099-K for all other information required to be reported.

Reporting threshold 

Payment Card Transactions All amounts of payment card transactions. $20,000 or more and200 or more transactions for third party network transactions.

Due date to recipient

January 31.

Due date to IRS (paper filing)

February 28.

Due date to IRS (Electronic Filing)

March 31.