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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for IRS Form 1099-K
for the current year.
Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions
This document contains official instructions for IRS Form 1099-K , Payment Card and Third Party Network Transactions - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-K is available for download through this link.
FAQ
Q: What is IRS Form 1099-K?
A: IRS Form 1099-K is a tax form used to report payment card and third party network transactions.
Q: Who should file Form 1099-K?
A: Businesses that accept payment cards or engage in third party network transactions should file Form 1099-K.
Q: What are payment card transactions?
A: Payment card transactions include any transaction where a payment card, such as a credit or debit card, is used.
Q: What are third party network transactions?
A: Third party network transactions include transactions where a third party collects payments on behalf of a business.
Q: What information is required on Form 1099-K?
A: Form 1099-K requires information such as the business's name, address, taxpayer identification number, and the gross amount of payment transactions.
Q: When is Form 1099-K due?
A: Form 1099-K is typically due to the Internal Revenue Service (IRS) by January 31st of the year following the calendar year in which the transactions occurred.
Q: What happens if I don't file Form 1099-K?
A: Failure to file Form 1099-K or filing an incomplete or inaccurate form may result in penalties or fines from the IRS.
Instruction Details:
- This 5-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
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Download Instructions for IRS Form 1099-K Payment Card and Third Party Network Transactions
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