Where do I get a 1099-K for my sole proprietor business started in 2018?

[4martyt]

As I am starting my tax preparation for myself as a sole proprietor, Turbo Tax is asking me to add my 1099-K. Where or how do I get this?

[PaulaM · Accepted solution]

Form 1099-K is used by the IRS to track payments that you received from credit cards, debit cards, or electronic payment services (Square, PayPal, ePay, etc.). The 1099-K is an informational form and is not directly entered in TurboTax.

You would receive the 1099-K form if your transactions from those 3rd party payment networks were greater than:

• gross payments that exceed $20,000, AND
• more than 200 such transactions

If your payments received did not meet the thresholds above, you enter your income in the General Income section of your business.

https://www.irs.gov/businesses/understanding-your-1099-k

[4martyt]

Thank you! I don't know the gross payments amounts, and I assume there were more than 200 transactions, but since I didn't receive the forms than  I will proceed without entering them. Thank you again PaulaM!

[PaulaM]

You are welcome : )

[Critter]

No ...it asks if you got one then you can enter it. Those forms are issued by credit card companies if you accept credit cards in your business .

[4martyt]

I do accept credit cards, but have not received any