How do I know if I'll receive a 1099-K form from Square?

[Claudia]

Do I have to wait for a 1099K form if I took $12,000 in square payments in a year and 600 transactions?

[#2]

From the sales numbers you mentioned in your post you should not be required to get one.  

Square's policy can be read at this link with the important part quoted.

https://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-k

"All credit card processing companies, including Square, are required by the IRS to report the earnings of those merchants who process over $20,000 and over 200 credit card payments (cash excluded) per calendar year before January 31."

If you got one you will be able to download it here.

https://squareup.com/dashboard/business/taxes

[VanKalkerFarms · Accepted solution]

From the sales numbers you mentioned in your post you should not be required to get one.  

Square's policy can be read at this link with the important part quoted.

https://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-k

"All credit card processing companies, including Square, are required by the IRS to report the earnings of those merchants who process over $20,000 and over 200 credit card payments (cash excluded) per calendar year before January 31."

If you got one you will be able to download it here.

https://squareup.com/dashboard/business/taxes

[Sean]

@VanKalkerFarms - Thanks for helping out with this one, and for calling out the and (not an or). 

@Claudia - Since this answered your question, would you mind marking their comment as "Best Answer?" That will help the rest of the community find this thread.

[ScoutTroop]

The page you linked to may have changed since you posted... but it does not specify Card Payments only or that Cash is excluded.  Can this be confirmed?   Thanks!   

UPDATE - That Text does appear on a mouse over of the QuestionMark on  1099K Tax form category's "What is the 1099K"    I wish it was specific on the actual help doc.   Thanks again. 

[VanKalkerFarms]

@ScoutTroop, 1099-k forms are only used for credit card processors to report credit card sales to the IRS as they wouldn't know what you handled in cash.  That is up you to report on your own.   Yes in this case with Square they would know more than an independent Credit card processor because Square also provides the Point of Sale system, but even then the IRS form is still only for Payment Card and Third Party Network Transactions. 

[fenderwai]

Having a situation where I changed the company name w/ EIN during Mid 2016, but now Square issue me a 1099-k from Jan - Dec 2016 to my old company, I know I could change the EIN thru setting dashboard, but my point is I need square to issue me 2 seperate 1099-k for both of my company under the same square e-mail account..

Don't want to get audit from IRS ~

John

[Spenser]

Hi @fenderwai, welcome to the Community. 

Square will only issue one Form 1099-K for your business so unfortunately the form cannot be split into two documents. You'll need to work with a tax professional in order to determine the best route in regards to filing your taxes, as I'm unable to offer tax advice here.

Thanks for your help with this!

[Gammadaa]

I need a 1099-K form. Do I qualify? 

[Sean]

Hi @Gammadaa — It looks like another seller had the same question, and received an answer. Check out this thread for more details. 

[Daness1981]

On the companies 1099-K form appear my name and ss# rather than the company's name or the owner's names. I am the accounting department in this small company.  How is this going to affect my personal taxes as well as the companies taxes. Can a corrected 1099-K be sent?

[JustinC]

Hey! This article should help! 

@Daness1981