Frequently asked questions about Form 1099-K
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Frequently asked questions about Form 1099-K
A 1099-K is an informational form that summarizes the online payment activity on your Payments by Wave account, to be used in filing your taxes. Read on for more details!
What information is includ...
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The 1099-K minimums can vary by US State. For instance, MAssachusetts: https://www.mass.gov/news/1099-k-information
Will my 1099-K be sent to IRS automatically
@abemares not directly to the IRS, no. If you qualify, it's already been mailed to you; if you qualify and haven't received it, please submit a request here so we can get a digital copy issued!
My 1099-K from Wave reflects payments made via Wave from a client who themselves sent me a 1099-MISC for everything they paid me during the year. So the 1099-K should not count as additional income over and above my 1099-MISC amounts. Right?
It would be super helpful if you also made 1099 forms available in our accounts, in the case that we didn’t receive them in the mail or they are misplaced.
@jmason I would confirm with an accountant in this situation, but the 1099-K is for money that was paid to you via a payment processor whereas the 1099-MISC is money that was paid to you via a contractor payment.
@LDA These forms are generated by our banking partner on the basis that the specific criteria for the 1099k is met .. it could be something that's implemented in the future (1099k's being digital) but there are no immediate plans in doing this just yet.
It is March 10, 2021, and all forms (including 1099-K) should have been mailed out by Jan 31, 2021.
Today I just received an email saying that I will receive a 1099-K from Wave, and will be sent to my address. I am in the USA, and mail normally arrived from Canada in 2-4 weeks due to the pandemic. This is too late. I'd rather have a digital copy, which should have been sent weeks ago. Tax filing date is still April 15 in the USA.
Your digital bot Maeve doesn't understand my request for a digital copy of my 1099-K.
Can you put me in touch with someone who will get me a copy of my 1099-K digital?
Thank you,
Lauren
Same concern as LaurenM. This is entirely too late to provide tax forms for businesses. LaurenM if you see this, I used the link in the message from 2019 (below) to request digital copy in hopes I can get it soon. This is the message. "@abemares not directly to the IRS, no. If you qualify, it's already been mailed to you; if you qualify and haven't received it, please submit a request here so we can get a digital copy issued!" You'll have to find it to get the hyperlink for "here" to submit. Good luck!
Thanks, @JenPorter - I went to that link earlier today, but thought I'd get faster reply here. Now I have done both.
I always keep all records, but if I have to refer to a 1099-K in my filing (and be responsible for knowing what is on it), then I will be insistent on getting one.
Thanks.
Hey @LaurenM,
It looks like a member of Customer Support has been able to assist you, and has provided you with a digital copy of your 1099-K! That said if you have any more questions or issues, please feel free to reply here
Hi @JenPorter !
It looks like the link from your 2019 email is a little outdated, as the request you sent in was directed to the wrong team I'm afraid. I have reached out to the Customer Support team to have some-one assigned to your request, so you should receive an email from them soon!
Thanks, @KiahD ! I did receive it. And the USA IRS has just extended the deadline to file taxes to May 17, so I have a bit more time to deal with the delays. Thank you.
If you would be so kind, would you make a polite request to your partners who handle the paperwork - to send out the 1099-K by the paperwork deadline (Jan 31, every year)?
Thank you!
Lauren