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E-File Form 1099-K Online
A simple solution for payment card companies, payment apps, and online marketplaces to effortlessly file 1099-K and distribute recipient copies.
Benefits of E-Filing 1099-K Form with TaxBandits
- Easy and Secure E-filing
- Comprehensively supports both Federal & State Filing
- Supports multiple Bulk Import options
- Distribute recipient copies via Postal Mail or Secure Online Access Portal
- Phone, E-mail & Live Chat Support
Form 1099-K: Key Takeaways!
- Form 1099-K reports commercial payments made via payment cards and third-party network transactions. This includes credit or debit Card Payments, payment Apps, and Online marketplaces.
- The IRS has set the reporting threshold for Form 1099-K as $5,000 or more for the 2024 tax year, regardless of the number of transactions.
- Generally, Payment Settlement Entities (PSEs), Multiple PSEs, and Electronic Payment Facilitators (EPFs) are required to file Form 1099-K with the IRS.
You must file Form 1099-K with the IRS before the required deadline.
| 1099-K Filing Methods | Deadline |
|---|---|
| Electronic Filing | March 31, 2025 |
| Recipient Copy | January 31, 2025 |
What Information is Required to E-file Form 1099-K Online?
- 1. Filer’s Info: Name, EIN, address, telephone number, and filer type (Payment Settlement Entity (PSE), Electronic Payment Facilitator (EPF), or other third party.
- 2. Payee’s Info: Name, TIN, address and account number
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3. Payment Info: This includes,
- i. Transaction type (Payment card or third-party network)
- ii. Gross amount of transactions
- iii. Card-not-present (CNP) transaction that involves online, phone, or catalog sales
- iv. Merchant category code
- v. Number of payment transactions
- vi. Total reportable payment transactions for each month
- 4. Federal Income Tax Withheld (if any)
- 5. State Tax Info: State abbreviated name, payer’s state identification number, and state income tax withheld.
Start filing your 1099-K tax returns with TaxBandits by creating an account!
Make Your 1099-K Filing a
Breeze With TaxBandits!
TaxBandits provides a complete range of services for your 1099-K filing needs to ensure compliance with federal and state regulations.
Federal and State Filing
- Prepare and e-file your 1099-K forms effortlessly and ensure compliance with the IRS.
State Filing
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Meet state-specific 1099-K filing requirements with ease in addition to
federal filing.
Data Validations
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TaxBandits offers robust data validation features, including USPS Address Validation and TIN Matching, to enhance
the accuracy of your filings.
Postal Mailing
- Let TaxBandits take care of printing and mailing your 1099-K copies to recipients, saving you valuable time and efforts.
Online Access
- Share the 1099-K form copies with your recipients through a secure online portal, ensuring seamless distribution.
Corrections
- Fix the errors in your previously filed 1099-K forms in TaxBandits and retransmit to the IRS.
How to File 1099-K Online with TaxBandits?
Start by selecting Form 1099-K from your dashboard. With TaxBandits, you can file this form for both the current and previous tax years.
Select “Manual entry” and Enter the required information on Form 1099-K.
You can opt for state filing and select how you'd like to send recipient copies. You can choose mailing, online access, or the BanditComplete option, which offers both.
Review the information entered on Form 1099-K and make necessary changes if needed.
After reviewing the form, transmit the completed Form 1099-K to the IRS and State.
Are you ready to begin e-filing your 1099-K Form? File in minutes with TaxBandits!
Discover the Top Features for Effortless E-Filing of 1099-K Online!
User-Friendly Interface
Our software streamlines the filing process with intuitive navigation and easy-to-follow, step-by-step instructions.
Address Book
Add payers and recipients just once, securely store their data, and access it for future filings.
Bulk Upload Options
Easily upload your data with our standard CSV template and eliminate the complexities of manual entry.
Save As Drafts
Save your progress while your fill out your 1099-K as a draft and continue later from where you left off.
Internal Audit Check
Our automated error-check system conducts an internal audit to ensure your 1099-K forms are free from common errors.
IRIS Business Validation
Our software complies with IRIS standards, ensuring that your 1099-K forms meet the latest IRS business rules and regulations.
Download Form Copies
With TaxBandits, you can easily download and print copies of your transmitted 1099-K forms whenever needed.
Dedicated Support
Our dedicated support team is available 24/7 to answer any inquiries about the filing process via telephone, email, or live chat.
Exclusive Pro Features Tailored for Tax Professionals
Make tax filing easier, improve your workflow and facilitate top-quality services to your clients with our specialized features designed for tax professionals.
BanditCollab (Team Management)
TaxBandits lets you invite unlimited number of team members, assign them specific roles, facilitating streamlined workflow and efficient task delegation.
BanditConnect (Client Management)
Leverage BanditConnect to share files and communicate securely with your clients through a secure portal customized with your own branding.
Custom Reports
Our detailed reports showcase team member activities and client filings, significantly enhancing your decision-making.
Revolutionize Your 1099-K Process with Seamless Automation Using TaxBandits API!
TaxBandits provides an API integration enabling seamless automation of 1099-K e-filing and distribution directly from your software.
Learn moreSuccess Starts with TaxBandits
The Smart Choice of every 1099 Filers
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Frequently Asked Questions to File 1099 K Online
What is IRS Form 1099-K?
IRS Form 1099-K is an IRS form used to report the settlement of reportable payment transactions made through payment cards or third-party networks for each calendar year.
Who Must File 1099-K?
Form 1099-K is filed by payment card companies, payment apps, and online marketplaces for individuals or entities that receive more than $5,000 for goods or services during the corresponding tax year.
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Some of the common types of entities that are required to file 1099-K include,
- Online payment apps such as PayPal, Venmo, and Cash app.
- Auction sites
- Ticket selling platform
- Car rental platform
- Craft or maker marketplace
- Real estate marketplace
- Crowdfunding platform
- Freelancer marketplace.
What is the new threshold of Form 1099-K?
The new threshold for Form 1099-K is $5,000 regardless of the number of transactions for the 2024 tax year, as the IRS has postponed the anticipated change of the $600 threshold to 2026 and after. The 1099-K threshold for 2025 is $2,500.To learn more about the 1099-K threshold for the 2024 tax year, click here.
When is the deadline to file Form 1099-K?
- The filer must furnish recipient copies of Form 1099-K by
January 31, 2025. - The due date to file 1099-K with the IRS on paper is
February 28, 2025. - The due date to file 1099-K electronically is
March 31, 2025..
Note: If the deadline falls on a weekend or federal holiday, the deadline moves to the next business day.
What are the Boxes in
Form 1099-K?
Form 1099-K comprised of 8 Boxes. You have to enter the required information in each box.
Filer’s Information
1. Name, Address, City or Town, State, Postal Code, and Phone Number
2. TIN (EIN/SSN)
3. Filer Type (PSE or EPF)
4. Transaction type (Payment Card or Third-party network)
Payee Information
1. Name
2. TIN
3. Address
Payment information
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Box 1a: Gross Payment Card/Third-Party Network Transactions
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Box 1b: Card Not Present Transaction
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Box 2: Merchant Category Code (MCC)
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Box 3: Number of Payment Transactions
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Box 4: Federal Income Tax Withheld
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Box 5a to 5I: Total reportable payment transactions for each month
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Box 6 to 8: State Information
Want to know how to complete Form 1099-K? Follow these step-by-step Form 1099-K Instructions to guide you through the process.
What is the difference between Form 1099 K, NEC and MISC?
Form 1099-K reports payments made through payment cards and third-party networks, while Form 1099-MISC is typically used for miscellaneous payments made through cash or check. Form 1099-NEC, on the other hand, is specifically used to report non-employee compensation made through cash or check. To learn more in detail about Form 1099-K vs NEC vs MISC, Click here.
Helpful Resource for Filing 1099-K
