Understand how Intuit makes Form 1099-K

Learn how and why Intuit makes Form 1099-Ks.

Understand what a Form 1099-K is and when and why it’s made. Be able to download and update it as well.

What’s a Form 1099-K?

• Form 1099-K is an IRS form used to report payment card and third-party network payments. The IRS requires payment providers like Intuit QuickBooks Payments, to report payment card and third-party network transactions and furnish 1099-K forms.
• It’s provided to Intuit QuickBooks Payments customers when an account meets specific criteria. You must be based in the US and have $5,000 in total gross volume in the previous calendar year or as required by your state.
• It’s designed to help you report your taxes. It summarizes the sales activity of your Intuit QuickBooks Payments account.
• It's provided to you, the IRS, and some US states.
• It’s issued by Intuit to all eligible US based customers who accept payments.

What does this mean?

For tax year 2024, you'll get a Form 1099-K if you’re based in the US and the gross amount of reportable card payments is $5,000 or more.

Filing requirements for some states can differ from the IRS and have lower reporting thresholds.

Note: Prior to calendar year 2024, the IRS 1099-K threshold applied to merchant accounts based in the U.S. and those having $20,000 USD in total gross volume and 200 transactions.

How do I download my 1099-K?

You can download your Form 1099-K from the Merchant Service Center by January 31. Here's how.

1. Sign in to the Merchant Service Center.
2. From the Activity & Reports section, select Form 1099-K.
3. Select Download.

How can I update the taxpayer info on my QuickBooks Payments account?

You can change your taxpayer info for the current tax year up to March 31 of each calendar year. If you need to verify or update the taxpayer info on your QuickBooks Payments account, visit the Merchant Service Center. See Update business and account info for QuickBooks Payments for detailed steps.

Important: If you received a 1099-K but didn't open a QuickBooks Payments account or haven't processed card transactions, you may be the victim of identity theft. If you believe you’ve received a 1099-K in error and may be the victim of identity theft, send us an email at 1099_risk@Intuit.com. We’ll reply to your email with detailed instructions.

Find out about IRS report requirements for payment processing accounts and details on Form 1099-K.