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How Intuit generates Form 1099-K

by Intuit Updated 3 months ago

Learn how and why Intuit generates a Form 1099-K.

What’s Changing?

The IRS is delaying the 1099-K threshold change for third-party settlement organizations (TPSO). Taxpayers and small businesses will not receive a 1099-K from TPSOs for tax year 2023 (taxes you’ll file in 2024) unless the gross amount of reportable payments exceeds $20,000 and the number of such transactions exceeds 200. The IRS now plans to use the 2024 tax year (taxes you’ll file in 2025) as a transition year with a threshold of $5,000.

What Does This Mean?

For tax year 2023, you'll get a Form 1099-K if the gross amount of reportable payments exceeds $20,000 and the number of such transactions exceeds 200. You can download your Form 1099-K from the Merchant Service Center by January 31st. Here's how:

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

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

Changes to your Business Name or Tax information for the current tax year can be made up to March 31 of each calendar year. See Change business, bank account, or contact information in the Merchant Service Center for detailed steps.

Important: If you received a 1099-K and 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 have received a 1099-K in error and may be the victim of identity theft, please send us an email at 1099_risk@Intuit.com. We will reply to your email with detailed instructions.

If you need to verify or update the taxpayer info on your QuickBooks Payments account, visit the Merchant Service Center to change your business info.

See Tax Compliance for Credit Card Accounts for answers to frequently asked Form 1099-K questions.

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