Form 1099-K

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Form 1099-K

A form that one files with the IRS to report the settlement of a debt on a gift card, credit card, or similar instrument by a third party.
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This occurs because participating payees may, for example, report card payments on a net basis in their income tax returns while PSEs report gross payments on Forms 1099-K. Consequently, as discussed below, the IRS uses Form 1099-K and notice letters to ferret out potential unreported noncard payment income.
Forms 1099-K are due to participating payees by Jan.
In general, the IRS uses information on Forms 1099-K to verify a participating payee's compliance with tax reporting requirements and to identify possible unreported income sourced to noncard payments (e.g., cash and checks).