You have received form 1099-K because you have accepted merchant cards for payments, or because you received payments through a third-party network that exceeded $20,000 in gross total reportable payment transactions and the total number of those transactions exceeded 200 for the calendar year. Merchant card and third-party network payers, acting as payment settlement entities (PSE), must report the proceeds of payment card and third-party network transactions made to you on Form 1099-K.
Where to enter Form 1099-K?
To report your 1099-K income directly on a Schedule C (Profit or Loss from a Business), go to:
- Federal Section
- Income -Select My Forms
- Profit or Loss from a Business, Reported on Schedule C - Complete the Information regarding Your Business on Basic Information. If your business does not have a separate EIN number or address, please leave the top blank and select a business type near the bottom of the screen and click Continue to save.
- Income Section (on Schedule C )– Enter income from 1099-K as Gross Receipts or Sales Income/Total Income from Work or Sales
To report your 1099-K income on a Schedule F (Profit or Loss from a Farm), go to:
- Federal Section
- Income -Select My Forms
- Profit or Loss from Farming - Reported on Schedule F- Complete the Information Regarding Your Business. Enter income either as Sales of Livestock or as Sales of Products line.
You may also list associated expenses on your Schedule C/Schedule F such as General Expenses, Car and Truck Expenses, Depreciation, etc. These expenses will be used to offset the income listed on the Schedule C/Schedule F.
If you have questions about the amounts reported on this form, contact the FILER whose information is shown in the upper left corner on the front of this form. If you do not recognize the FILER shown in the upper left corner of the form, contact the PSE whose name and phone number are shown in the lower left corner of the form above your account number.
Additional Information
To view a sample Form 1099-K, please, click here.
For complete instructions for Form 1099-K, click here.