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.
To report your 1099-K income directly on a Schedule C (Profit or Loss from a Business), go to:
- Federal Section
- Income (Enter Myself)
- Profit or Loss from a Business 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 Income
To report your 1099-K income on a Schedule F (Profit or Loss from a Farm) go to:
- Federal Section
- Income (Enter Myself)
- Profit or Loss from Farming - Complete the Information Regarding Your Business. Enter income either as Sales of Livestock or as Sales of Products line.
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.
For complete instructions for form 1099-K, click here.
