Get Answers Support Tax Filings & Payments 1099 Form 1099-K What is Form 1099-K? Last modified 6/23/2020 9:14:54 AM EST The IRS Form 1099-K must be filed by the Payment Settlement Entity (PSE) to report the gross amount of reportable transactions made in the calendar year. The PSE includes any banks, organizations, or third-party settlement organizations that transfer funds or payments to the payee on behalf of the payee's client. Who must file? Every Payment Settlement Entity (PSE) must file a 1099-K for each participating payee's reportable payment transactions. Reportable payment transactions include payment card transactions or third-party network transactions. You must receive a 1099-K if one of the following criteria is met: You received payments from payment card transactions such as debit, credit, or store-valued cards. For the 2024 tax year, you received gross payments exceeding $5,000 from third-party payment network transactions, regardless of the number of transactions. Due Date The deadline for the PSE to send Form 1099-K to the payee is January 31, and for filing the paper with the IRS is February 28. If you e-file Form 1099-K, the deadline will be March 31. Form 1099-K Exemption If the PSE has made settlement payments to offshore accounts other than the US, there is no need to file Form 1099-K. However, there are some situations where the PSE has to submit this form for offshore payment transactions if at least one of the conditions below applies. The participating payee is said to have a US address. The PSE is requested to transfer the settlement amount to an account inside the US. The PSE identifies the participating payee as a US resident. Was this helpful? Yes No Related Questions How to e-file Form 1099-K using TaxBandits? Who must file Form 1099-K? Who is a payee in Form 1099-K? What is the new threshold for reporting IRS Form 1099-K for tax year 2024? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in