1099-K Filings

1099RFun · ‎November 29, 2023

My company is considered a Third-Party Settlement Organization by the IRS and is required to issue 1099-K's to all applicable vendors in which we paid greater than $600 for the 2023 calendar year. Does QuickBooks Online support the issuance and filing of 1099-K's to qualified vendors? When I use the "Prepare 1099s" function within QBO, I see options to classify expense items to 1099-MISC and 1099-NEC. I do not see an option for 1099-K.

Thanks for the help!

ChristineJoieR · ‎November 29, 2023

Hello there, @1099RFun.

Please know that QuickBooks Online and QuickBooks Online Payroll support filing only for 1099 NEC and 1099 MISC. To report payment for 1099-k, we can use a third-party application for filing and issuing forms.

In the event of filing a form via Merchant Service in QuickBooks, you'll get a Form 1099-K if the gross amount of aggregate payments is $600 or more. You can download it in the Merchant Service Center by January 31st.

Here's how:

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

Let me know if you have more concerns.

4Gal · ‎November 29, 2023

@1099RFun

Explore this solution to integrate with QBO.

https://blue.mbsy.co/6tJhcz

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