1099-K Tax Form FAQs

When is the 1099-K form sent?

PayJunction sends all 1099-K forms (for previous year, 2021) during the first week of February, 2022. 

Why didn't we receive a 1099-K form?

All 1099-K forms are mailed to the mailing address that PayJunction has on file for your business. Please make sure to check all mail at the mailing address before contacting PayJunction.

1099-K forms must be mailed to all businesses that meet both of the following criteria:

  1. Processed at least $20,000 during the previous year.
  2. Processed 200 or more transactions in the previous year.

Source: https://www.irs.gov/businesses/understanding-your-1099-k

If you confirmed that 1099-K forms were not sent to your mailing address, and you confirmed that a 1099-K is required for your business (as described above) please contact PayJunction Support at 800-601-0230 x 3.

How can I find the 1099-K information on my own?

If you do not have a 1099-K, simply review your monthly statements to calculate the total amount processed last year and total fees billed last year

Every 1099-K includes the following information:

  • Gross amount processed during previous year.
  • Fees billed for processing during previous year.

Therefore, the above referenced information can also be found on your monthly statements. Simply calculate the total processed for all 12 months and calculate the total fees billed for all 12 months

1) Open all of the monthly statements for the previous year

Monthly Statements can be found within your PayJunction account: 

  1. Click More
    more.png
  2. Select Statements
    statements.png

2) Calculate gross amount processed and total fees billed:

  1. Gross amount is listed as the TOTAL for the SALES column in the Activity Summary section of the monthly statement. To get the total gross amount of sales for the entire year, calculate the sum of Total Sales for all 12 months. For example:
    total_processed.png
  2. Total Fees is listed as TOTAL PROCESSING FEES and is always found at the end of the monthly statement. To get the total fees billed for the entire year, calculate the sum of Total Processing Fees for all 12 months. For example:
    total_fees.png
Businesses must report all income to the IRS and pay taxes accordingly, whether or not a 1099-K is able to be provided.

Why did I receive two 1099-K forms for 2020?

PayJunction merchants received two 1099-K forms for 2020

  1. From: First National Bank of Omaha.
    1. Includes totals for January to September.
  2. From: TSYS Merchant Solutions.
    1. Includes totals for October to December