JamesG1
Expert Alumni

Get your taxes done using TurboTax

IRS Form 1099-K Payment Card and Third Party Network Transactions is not required to be included with the Federal 1040 income tax return like an IRS W-2 or IRS Form 1099-R.  It's purpose is to increase voluntary tax compliance and it has achieved that purpose in your case.

 

If you follow the directions above, make sure that you retain the IRS form 1099-K with your income tax records should a question arise at a later time.

 

Form 1099-K FAQ's General information, Q1 here states:

 

Third party information reporting for certain payments is required by law and has been shown to increase voluntary tax compliance, improve tax collections and assessments within the IRS.

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