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