Form 1099-K - Form 1099-K Instructions included

The form 1099-K is for merchant cards and third party payments such as you would get when you get paid by a company that handles payments for sales on the internet.  The Electronic Payment Facilitator (EFP)/Third Party Payer (TTP) handling the money would send it to you.

So far there is no  requirement to report on a 1099-K  as long as there are fewer than 200 transactions and less than $20,000.

The sections to fill out on the 1099-K are:

• Filer's - Name, address, city, state etc.


• If checked the filer is Payment Settlement Entity, or if checked filer is Electronic Payment facilitator (EFP)/Third Party Payer (TTP)


• Payee's name - Address - Apt. #, City, State, Zip


• PSE's name  and telephone number.


• Account number (see instructions)


• Filer's Federal ID number


• Payee's Taxpayer ID number

1. Gross amount of merchant card/third party network payments


2. Merchant category code


3. (blank)


4. (blank)


5. 12 boxes to list amounts for each individual month

You can avoid the paper problems and use