Learn how and why Intuit generates a Form 1099-K.
The American Rescue Plan of 2021 changed the 1099-K reporting threshold. The IRS delayed implementation of the changes to the reporting threshold in December 2022 until tax year 2023. Intuit had to send 1099-Ks to merchants with more than 200 transactions when the gross amount payments exceed $20,000 in a calendar year before 2023.
What Does This Mean?
For tax year 2023, 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.
Where to download
- Sign in to the Merchant Service Center.
- From the Activity & Reports menu, select Download Form 1099-K.
- Select Download.
Credits/refunds/reversals recorded on your Form 1099-K shouldn't affect previously reported gross sales. Intuit creates the Form 1099-K as per instructions by the IRS and reports the amount of gross sales before any adjustments.
- Gross amount refers to the total dollar amount of all reportable payment transactions, without regard to any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts. For more information see IRS instructions for 1099-K. Consult your Tax Professional or IRS for the best way to report adjustments.
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.
- Note that Intuit is unable to make any changes to your 1099-K after March 31.
- The updated form is available for download in the Merchant Service Center. If you don't have access to the Online Service Center, chat with an expert.
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.
See Tax Compliance for Credit Card Accounts for answers to frequently asked Form 1099-K questions.