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Form 1099-K, Payment Card and Third Party Network Transactions

  • In For 2023, taxpayers will receive Form 1099-K if they receive over $600 in gross payments through a third-party network transactionFor tax years prior to 2023, taxpayers will receive networks must issue Form 1099-K to taxpayers if they receive over $20,000 in payments through a third-party network and have over 200 transactions

  • This includes apps such as Venmo, Uber, Lyft, Cash App, Zelle, PayPal, E-bay, etc.

  • Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services

  • If amounts on Form 1099-K are incorrect the taxpayer should contact the issuer

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  1. Select Add Form.

  2. Select Form 1099-K. Double-click to add the form.

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  3. If a joint return, choose New Taxpayer's or New Spouse's Occurrence.

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  4. Complete the 1099-K, filling in all applicable sections.

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  1. Begin by adding the appropriate schedule to the tax return (SCH C, E, or F).

  2. Navigate to the 1099-K. Select the Link to (1040, SCH C, E, or F) box in box 1a of Form 1099-K.

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  3. Select Choices from the Active Options Window.

  4. Select the SCH you wish to link to. Double-click to link.

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  5. You can view the linked income on SCH C Line 1.