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I'm glad you're here, DH65. Let me explain the requirements for receiving a Form 1099-K.
The 1099-K forms are provided by payment settlement entities (e.g., credit card companies and third-party payment processors like PayPal or Stripe) and are sent to you when you meet the IRS threshold for transactions.
For the tax year 2024, U.S.-based individuals or businesses will receive a Form 1099-K if their gross reportable card payments amount to $5,000 or more.
Some states' filing requirements can differ from those of the IRS and have lower reporting thresholds. For more information, see this article: Tax Compliance for Payment Processing Accounts and Form 1099-K.
If you have QuickBooks Payments, here's how you can download your Form 1099-K from the Merchant Service Center:
- Sign in to the Merchant Service Center.
- From the Activity & Reports ▼ dropdown, select Download Form 1099-K.
- Click Download.
However, if you do not use the Payments account, we suggest that you contact the IRS. They can help you retrieve your account in a secure environment and help you obtain an old 1099-K.
Moreover, you can refer to these resources to learn the most frequently asked questions about Form 1099s in QBO. It includes topics about 1099-NEC, 1099-MISC, and 1099-K:
- What is 1099, and do I need to file one?
- Understand how Intuit makes Form 1099-K
- Which payments excluded from a 1099-NEC and 1099-MISC
Furthermore, you may want to explore QuickBooks Live Bookkeeping to streamline your accounting processes, ensure accuracy in your financial records, and provide expert support, allowing you to focus more on growing your business.
This thread is always open if you have other concerns about your 1099-K form or any questions. We're here to help. Have a great day, and stay safe!
