A 1099-K is an informational return to report annual gross payments when your clients pay you directly by credit or debit cards using a payment platform such as PayPal, Venmo, or Square.
This includes payments for any:
- Goods you sell, including personal items such as clothing or furniture
- Services you provide
- Property you rent
The gross amount reported on Form 1099-K should not include:
- Adjustments for credits
- Refunded amounts
- Gifts
- Personal expenses such as reimbursements received from friends and family.
When is a 1099-K issued?
Payment platforms are required to file Form 1099-K with the IRS and provide a copy to you by January 31. If you accept payments on different platforms, you could get more than one Form 1099-K.
The amount reported on a 1099-K is considered taxable income and will need to be reported on your tax return. The 1099-K form does not include fees by the credit card company. However, the total of these fees can be expensed through Year End Documents: Merchant Fees Report.
Where can I download my 1099-K?
We've gathered some instructions on where to download Form 1099-K that are common amongst Heard therapists. If you are unable to locate the form, please contact the payment processor.
PayPal
- Log into your PayPal account.
- Click Settings next to “Log out.”
- Click Statements and Taxes near the top of the page.
- Under the “Tax Documents” section, select the year you need from the dropdown.
- Click Download all to download and view both your Form 1099-K and your Goods and Services transactions statement.
- To view only your 1099-K, select 1099-K.
Venmo
- Log into your Venmo account.
- In the Venmo app, select Tax Documents from the “Settings” menu.
- On the web, click Settings from the sidebar, then Tax Documents.
- Under “Goods and Services,” locate “1099-K (PDF)” and click Download PDF.
Cash App
To access your tax documents in-app:
- Go to the profile icon on your Cash App home screen
- Open Documents, then choose Business Accounts Taxes
- Choose a year, then select 1099-K or Transactions CSV
To access your documents online:
- Log into your Cash App account at cash.app/account
- On the left, click Documents
- Select Business to view and download your Form 1099-K