What is the 1099-K form?
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Form 1099-K is the IRS’s information return for reporting the movement of funds. It reflects the gross dollar amount that you collected in the previous calendar year. In addition, the IRS 1099-K form should reflect your legal name and Taxpayer Identification Number (TIN).
Will you be sending me a 1099-K form? How will I receive it?
If you collect at least $20,000 and have at least 200 transactions in the calendar year, our partner WePay will send you by email the 1099-K form by January 31 of the following year. All payment processors are required to issue the 1099-K form by law. WePay is also required to file a corresponding tax form with the IRS, which participates in a combined filing program with many state tax agencies
How do I reconcile payments with my 1099-k form?
It is up to you (and a tax professional) to determine whether your proceeds represent taxable income. WePay, our partner will not report the funds that you collected as earned income. The 1099-K form is simply intended to track the movement of funds. Important to know is that refunds and credits are NOT included on the 1099-K tax form.