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Form 1099-K online PA: What You Should Know

This form must be received in the IRS within one year of the date of the transaction. The 1099-K requires the following information to be submitted on the 1099-K: The tax year from January 1 to December 31, the total amount you paid as the gross amount of the fees, and your tax paid amount; and The year from January 1 to December 31, the total amount of the fees, and your tax paid amount if you are filing a joint return or file separately if you have only one spouse; and The date the fees were paid. 1099K — Information for Consumers Dec 4, 2016, Revised June 21, 2023 — The IRS announced that the Form 1099‑K, Payment Card and Third-Party Network Transactions, will be available as a new reporting tool on July 1st, 2018. With these changes, merchants who process a payee of a vendor account may be liable for certain taxes under Section 6973. If your account is subject to Section 6973, it is important to be sure your merchants receive this new form before the early deadline. Mar 3, 2017, revised April 2, 2023 — Taxpayers with income less than the IRS standard deduction who receive a Form 1099‑K need to include a Form 8283 with the 1098G for that year. 1099­K Requirements: If you received a Form 1099‑K, you need to be sure you file it on time. It won't be due until April 15th of the following year. The IRS requires a new Form 1099‑K be received in the next calendar year. For information on the 1099‑K, please refer to the IRS 1099‑K page. The payment processor may collect 1099‑K fees using three methods: Credit Card Transactions Payment card-related third party payees may pay you a 1099‑K when you pay for goods or services that have a fee which cannot be excluded from income by Section 7432(b). Examples of such items include restaurant meals, restaurant beverages, lodging, and certain retail consumer purchases. If an individual's spouse receives a 1099‑K form for the amount of the spouse's portion of the charge, it may be reported as the spouse's income to the individuals filing jointly. For more information, see IRS Publication 502, Form 4027, Third-Party Payment Card and Third-Party Network Transaction.

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