Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions

Notification Icon This version of the form is not currently in use and is provided for reference only. Download this version of Instructions for IRS Form 1099-K for the current year.

Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions

This document contains official instructions for IRS Form 1099-K , Payment Card and Third Party Network Transactions - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-K is available for download through this link.

FAQ

Q: What is IRS Form 1099-K?
A: IRS Form 1099-K is a tax form used to report payment card and third party network transactions.

Q: Who needs to file IRS Form 1099-K?
A: Businesses and individuals who receive payment card or third party network transactions totaling $20,000 or more and have 200 or more transactions must file IRS Form 1099-K.

Q: What are payment card transactions?
A: Payment card transactions include any transactions made with credit cards, debit cards, or stored value cards.

Q: What are third party network transactions?
A: Third party network transactions are transactions that are processed by a third party payment settlement organization.

Q: What information is required to be reported on IRS Form 1099-K?
A: IRS Form 1099-K requires the reporting of the gross amount of reportable payment card and third party network transactions.

Q: When is the deadline to file IRS Form 1099-K?
A: The deadline to file IRS Form 1099-K is usually January 31st of the year following the calendar year in which the transactions were made.

Q: What are the consequences of not filing IRS Form 1099-K?
A: Failure to file IRS Form 1099-K or reporting incorrect information may result in penalties and fines.

Q: Can I e-file IRS Form 1099-K?
A: Yes, you can e-file IRS Form 1099-K using the IRS's FIRE system or through an authorized e-file provider.

Q: Do I need to send a copy of IRS Form 1099-K to the recipient?
A: Yes, you are required to send a copy of IRS Form 1099-K to the recipient by January 31st of the year following the calendar year in which the transactions were made.

ADVERTISEMENT

Instruction Details:

  • This 5-page document is available for download in PDF;
  • Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
  • Complete, printable, and free.

Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of IRS-released tax documents.

Download Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions

4.3 of 5 (91 votes)
  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions

    1

  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 2

    2

  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 3

    3

  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 4

    4

  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 5

    5

  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 1
  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 2
  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 3
  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 4
  • Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions, Page 5
Prev 1 2 3 4 5 Next
ADVERTISEMENT