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Form 1099-K for Tacoma Washington: What You Should Know
IRS 1099-K Frequently Asked Questions Form 1099-K and Related Forms What is a Form 1099-K? Form 1099-K includes the total amount of reports made that were not previously reported to 1099-MISC. Who files Form 1099-K? Any individual, corporation, partnership, limited liability company, trust, estate, or other legal entity. What is not required to file Form 1099-K? Report payments made by check and made payable to the state (see #1 above). Payment received from vendors and suppliers by check only, with no remittance to the state. Payments received by direct debit from an account in the name of the taxpayer are not required to collect tax. Payments of 500 or more, including payments made by automatic debit or pre-authorized transfer (a credit card or other electronic payment system), must be reported. Payments for goods and services are not required to be reported. Where is Form 1099-K filed? Form 1099-K is filed with the Department of Revenue in the state of Washington. The last day for filing Forms 1099-K is December 31, 2020. Reports received after the December 31, 2020, deadline do not need to be filed. How do I figure the amount of a payment that is not required to be reported? There is no calculation formula for determining the amount of a reportable payment that is not required, although some examples are presented below. A. Example 1. If a payment of 10,000 is not reported, the gross amount is 10,000. The payment is in the form of a check to the state. The payment must clearly indicate an entity paid for the goods and services. A. Example 2. If an individual (not a nonprofit) makes a payment of 4,000 to the state, the entity that paid 4,000 owes 2,000 and the individual is not required to report the payment to 1099-K. In both of these cases, the individual is reporting (and paying) the same amount of taxes on the payment to 1099-MISC. B. Example 3.
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