IRS Form 1099-K Recipient Copy Deadline is February 1, 2021
E-file 2020 Form 1099-K Online
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Quickly and easily efile your State 1099 Forms along with any State Recon/Transmittal Forms that you may need.
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Do you have the 1099 data in the FIRE file format? We e-file your Form 1099 and mail the copies to your recipient.
Make use of our bulk upload template and reduce the time taken in manually uploading your 1099 Form data.
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What Information is Required to E-file Form 1099-K Online?
- 1. Filer Deta: Name, EIN, and Address
- 2. Payee Details: Name, TIN, Address
- 3. Payment settlement entity (PSE) or Electronic Payment Facilitator (EPF) or Other third party Details
4. Payment Details
- i. Gross amount of payment card/third party network transactions
- ii. Card Not Present transactions
- iii. Merchant category code
- iv. Number of payment transactions
- v. Federal income tax withheld
- vi. Total reportable payment transactions for each month
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How to File Form 1099-K Online for 2020 with TaxBandits?
Enter Filer Details
Enter Payee Details
Review your Form 1099 K / 1096
Form 1099 K to the IRS
Recipient Copy (Postal)
What is IRS Form 1099-K?
The IRS Form 1099-K is used to report payments processed by payment settlement entities (PSEs). 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 comes in two different forms, a third-party settlement organization (TPSO) or a merchant acquiring entity (MAE). A third-party payment network is also a type of entity responsible for issuing Form 1099-K. While using IRS Form 1099-K for reporting information, a copy must be issued to the payment received and filed with the IRS.
The seller would also need to meet the minimum 1099-K thresholds of processing 200 transactions and $20,000 in gross volume.
Form 1099 K is used to report income received from electronic payments such as credit cards, debit cards, PayPal, Uber, Lyft, and other third-party payers. This usually relates to any electronic sales transactions.
When is the deadline to file Form 1099-K?
Form 1099-K must be furnished to the recipients by February 01 and e-filed with the IRS by March 31 each year. The 1099-K paper filing deadline is March 01, 2021
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.
Boxes for Filer’s Information
1. Enter Filer’s information like Name, Address, City or Town, State, Postal Code, and Phone Number
2. Enter Filer’s TIN (EIN/SSN)
3. Filer Type (PSE or EPF)
4. Transactions reported (Payment Card or Third-party network)
Boxes for Payee Information
1. Enter Payee TIN
2. Enter Payee Name
3. Enter Payee Address
4. Enter Payee City, State, Country, and ZIP code
Boxes for Debt information
Box 1a: Gross Payment Card/Third Party Network Transactions
Box 1b: Card Not Present Transaction
Box 2: Merchant Category Code (MCC)
Box 3: Number of Payment Transactions
Box 4: Federal Income Tax Withheld
Box 5a to 5I: Total reportable payment transactions for each month
Box 6 to 8: State Information
What is the difference between Form 1099 MISC or 1099 K?
If your business has paid $600 or more directly or through cash for any contractor, you must file Form 1099-MISC.
If your business has processed an online or digital payment of more than $20,000 using a credit card or other digital payments or more than 200 transactions during a calendar year, you must file Form 1099-K.
Helpful Resource for Form 1099-K
Form 1099 Correction
If you found any errors after filing your 1099 return with the IRS, correct the information as soon as possible and submit the corrected form and Form 1096 to the IRS.
Form 1099 Penalty
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of the penalty is based on when you file the correct information return.