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1099-K Tax Form FAQs

When Is the 1099-K Form Sent?

PayJunction sends all 1099-K forms during the first week of February. 

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.

The above referenced information can also be found via a transaction search in the Virtual Terminal and on monthly statements. 

1) Calculate gross amount processed

  1. Login to your PayJunction account.
  2. Click on Search, on the left-side menu.
  3. Complete the search form:
    1. Filter by Date. select either Last Year or Custom Date Range for the desired year.
    2. Action: Select Charge
    3. Status: Select Settled
  4. Click Search
  5. On the next page, click the CSV button to download the data, or click the PDF button to download a summary. The buttons are located on the top-right of the page.
  6. Open the CSV (sheet) or the PDF to calculate/view the total amount that was processed for the year.

2) Calculate total fees billed

Monthly Statements can be found within your PayJunction account: 

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

    Click Reports

    NA - REPORTS.png

    Select Statements

    VT - REPORTS - NEW STATEMENTS RED.png
  2. 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:
  3. total_processed.png

  4. 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

Merchants that process Cards (debit/credit) and ACH transactions

  • Merchants that process cards and ACH will receive two separate 1099-K forms, one for cards and the other for ACH. 
  • If needed, the Account field on the Search page can be used to filter search results to ACH transactions only.

 

Businesses must report all income to the IRS and pay taxes accordingly, whether or not a 1099-K is able to be provided.

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