thread Re: How does Square send my 1099-K? in Archived Discussions (Read Only)

How does Square send my 1099-K?

Community-Team — Fri, 10 Feb 2017 18:40:26 GMT

How does Square send my 1099-K? Do they mail it? Do I access it digitally?

Re: How does Square send my 1099-K?

Sean — Fri, 08 Jan 2021 00:35:52 GMT

To get going, Square does not provide physical copies of 1099-K forms for those sellers who qualify. You can download your 1099-K directly from the Square Dashboard.

For most states, we only provide a 1099-K form for sellers who did more than $20,000 sales (excluding cash) AND completed more than 200 transactions in the calendar year.

Square is required to issue a Form 1099-K and report to the state if your taxpayer information is associated with:

The District of Columbia, Virginia, Maryland, Massachusetts, or Vermont and $600 or more is processed in card payments.
Illinois and more than $1000 in processed card payments and more than 3 processed transactions.
Missouri and $1200 or more in processed card payments.

Hope this helps!

Re: How does Square send my 1099-K?

citybeat — Tue, 25 Apr 2017 18:07:11 GMT

Although you do not provide a 1099k form to your customers that did not have over 20,000 in yearly sales, do you still report the amount to the IRS?

Re: How does Square send my 1099-K?

EJ_ — Thu, 27 Apr 2017 19:02:17 GMT

@citybeat The IRS only requires that Square report this information for every account that meets the 1099-K thresholds.

Re: How does Square send my 1099-K?

citybeat — Fri, 28 Apr 2017 02:28:44 GMT

Hi. I'M hearing it's 2,000, not 20,000.

Thanks.

Re: How does Square send my 1099-K?

EJ_ — Sun, 30 Apr 2017 17:01:31 GMT

@citybeat We only provide a 1099-K form for sellers who did more than $20,000 sales (excluding cash) AND completed more than 200 transactions in the calendar year.

Re: How does Square send my 1099-K?

citybeat — Mon, 01 May 2017 02:47:12 GMT

Thank you.

Re: How does Square send my 1099-K?

VanKalkerFarms — Mon, 01 May 2017 04:31:56 GMT

consult with your tax professional obviously as I am not, but here is my advice.

Square doesn't report it via a 1099k but you have to report it on your income tax. They are credit card transactions and are easily traceable by the IRS. Deposits are made directly to your account, so with any audit, they would be found and penalized. So, yes while Square doesn't report it you need to.

Re: How does Square send my 1099-K?

citybeat — Mon, 01 May 2017 06:15:46 GMT

Yes, I realize that. It's my responsibility to report all income. I haven't used Square yet. Just trying to find out how it works. I was surprised by the 20,000 amount. Other services are telling me they provide a 1099 k at 2,000. I would like to have a 1099k that shows every dollar I earned, no matter the amount, so that I don't make an error on my taxes.

Re: How does Square send my 1099-K?

VanKalkerFarms — Mon, 01 May 2017 13:18:15 GMT

@citybeat here are the IRS instructions. page 4 box 1a. is the pertinent information.

https://www.irs.gov/pub/irs-pdf/i1099k.pdf

you wouldn't believe what people try to ask so they can avoid claiming income.

Re: How does Square send my 1099-K?

FunnyBugBees — Thu, 12 Apr 2018 22:52:58 GMT

Ok then, riddle me this. I am a sole-proprietor and run an online business so ALL sales are through credit cards or paypal.

What form do i use to report the income then? For instance, in QuickBooks you have to choose from four types of income, they are:

1099-MISC - which i dont get I am a sole-proprietor

Other Income (includes 1099-K, Cash, Checks)

Uncommon income. Includes awards, interest, debt previously deducted

Rebates/Refunds

So, do i use "Other Income" and just put in the total credit card and paypal sales?

Re: How does Square send my 1099-K?

VanKalkerFarms — Fri, 13 Apr 2018 01:07:21 GMT

your accountant or tax preparer can advise you on how to file your income from credit card sales. neither Square nor I will advise you on your tax preperation and how it applies in your state.

Re: How does Square send my 1099-K?

LVS — Tue, 19 Feb 2019 21:48:17 GMT

I believe you answered your own question .... OTHER INCOME (Includes 1099-K, cash, checks). They are providing you a 1099-K , so it goes under "Other". Thats what my accountant does.

Re: How does Square send my 1099-K?

atlbeerbus — Mon, 22 Jul 2019 20:07:54 GMT

Does Square send the 1099Ks to the IRS for my business or am I supposed to send them to the RIS on behalf of my Contractors?

Re: How does Square send my 1099-K?

ashc — Tue, 23 Jul 2019 15:37:44 GMT

Hey @atlbeerbus!

Check out @Sean's answer on the first page about how we send 1099Ks out and when they're reported. We only report them if it's over a certain amount per year.

I need a copy of my 1099-k

gooodygumdrops — Fri, 29 May 2020 12:51:38 GMT

I need a copy of my 1099-k

Re: I need a copy of my 1099-k

gooodygumdrops — Fri, 29 May 2020 12:53:30 GMT

goodygumdrops

Re: I need a copy of my 1099-k

isabelle — Fri, 29 May 2020 18:59:15 GMT

Hey @gooodygumdrops-

Thanks for posting in the Seller Community!

Please take a look at the best answer in this thread. Let me know if you have any additional questions!

Re: I need a copy of my 1099-k

AxemJaiqsDaiqs — Wed, 15 Jul 2020 22:04:01 GMT

These reply's are less than amusing. Just Answer the question !

Does Square mail-out paper copies of 1099 Forms?

makeittoobp — Thu, 04 Feb 2021 14:29:05 GMT

Does Square mail-out paper copies of 1099 Forms?

My employees say they have not received copies of their 1099 and need to know if Square mails them out or am I supposed to?