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Oakland Michigan online Form 1099-K: What You Should Know

When you file these forms, your payment card or third-party merchant account issuer should enter your bank or credit card information in box 1 and 2, as shown on Schedule C, to calculate your income. Do not enter box 4 as this is a zero income tax offset and does not represent the amount on your Form 1099-K. Box 3 would then be shown but do not enter this field on the taxpayer's tax return. Box 5 would show your tax reporting income, but you would enter your total payment card and third-party network transactions on the Form 1099-K. For each payment card transaction not resulting in an income deduction on a taxpayer's income tax return, enter the amount of the payment card and third-party network transaction with total payment card and third-party network transaction amount entered in box 4 of the 1099-K. Payment card transactions include the following cards that can be used in conjunction with third-party network transactions: Visa, MasterCard, Amex, Discover, and Diner's Club. This includes merchants such as: Gap, Walgreens, Target, Walmart, American Eagle Outfitters, Dollar Tree, Dollar General, PayPal, CVS, Cabala's, Home Depot, and more. Income record forms will not show a refund of the non-taxed amounts or tax withholding that you have used to pay for the cards. These non-taxed amounts are generally a business expense for the business. These non-taxed amounts are reflected on the 1099-H that shows tax withheld from your paycheck or other income from employment. If you do not receive the 1099-K, check with your employer for the amount of tax withheld by using Form W-2G, Form 1099-INT, and Form 1099-RR To submit your request: Pay for all required forms on-line with the 1099-K form that is generated using the taxpayer's information on the required forms. Pay any additional forms and mail to City of Oakland. Form 1099-K can be returned via postal mail or fax. Your 1099-K form and the IRS application form will be returned via regular mail, and the refund for non-taxed amounts will be posted on your 1099-K form.

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