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1099-K Forms & Tax Season FAQs

Tax season is quickly approaching and we want to make sure you have what you need from Square. Take a look at the info below and let us know if you still have questions!

 

1099-K Forms

Square will provide a 1099-K form for you if:

  1. You processed more than $20,000 in gross sales from goods or services in the calendar year AND
  2. You completed more than 200 transactions in the calendar year

 

For those of you who activated a Square account in Massachusetts and Vermont: Square is required to issue a 1099-K and report to your state when you process $600 or more in credit card payments. Learn more about this form and requirements on the IRS website.

 

If you qualify, you'll see a link to download your 1099-K form on the Tax Forms tab of your Square Dashboard. Forms will be available by January 31st.

 

If you don't qualify for a 1099-K, you can calculate your year-end sales report (including fee information) from the Sales Summary tab of your Square Dashboard. Your tax professional may need this information to complete your tax forms.

 

Sales Summary.gif

 

 

FAQs

 

Check out these frequently asked questions:

  1. Have multiple Square accounts? Our reporting thresholds of $20,000 and 200 transactions are based on the aggregate gross sales volume processed on all accounts that use the same Tax Identification Number (TIN). If you have multiple accounts that use the same TIN, we will aggregate volume for all accounts and issue a 1099-K if you meet the threshold.
  2. Need to update your personal information? You can review and update your taxpayer information (legal name and TIN) in your Square Dashboard.
  3. Wondering if cash transactions are included in the 200 transactions threshold? The 200 transactions threshold is for credit, debit, and tap payments only and does not include other payments like cash or checks.

 

Still have questions? Let us know - we can field your questions here in the community or get you in touch with a customer support specialist. For tax advice, please see a tax professional.

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Admin

Re: 1099-K Forms & Tax Season FAQs

Best Answer

Read more about tax reporting and the form 1099-K in our Support Center! We now have a great video in that article that answers some questions. 

 

Message 2 of 33
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Admin

Re: 1099-K Forms & Tax Season FAQs

Best Answer

Read more about tax reporting and the form 1099-K in our Support Center! We now have a great video in that article that answers some questions. 

 

Message 2 of 33
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Michelletraz41

My 2018 1099 is not there , when will it be available f

When will my 2018 1099 be available 

Message 3 of 33
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Admin

Re: My 2018 1099 is not there , when will it be available f

Hi @Michelletraz41

 

I moved your post over to our 1099-K specific thread that we've created in advance of tax season. 

 

If you qualify, you'll see your form available for download by January 31st.

Message 4 of 33
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Swiftscampers

1099 ?

The title of this thread has been edited from the original: 1099?

I did more than 20,000 but less than 20 transactions. Do i still get a 1099?

Message 5 of 33
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VanKalkerFarms Super Seller

Re: 1099 ?

Message 6 of 33
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Amy2

Need year end total and fees for 2018 corrected

Need year end totals and fees for 2018 corrected, please. 

Message 7 of 33
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Admin

Re: Need year end total and fees for 2018 corrected

Hi @Amy2 - I recommend reaching out to our CS team to help you look into this. We're unable to discuss account specifics within the Community for everyone's privacy.

Message 8 of 33
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alenapadiak

How I can take my tax form

This reply was created from merging an existing thread: How I can take my tax form?


I need my Tax forms 

Message 9 of 33
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Admin

Re: How I can take my tax form

Hello @alenapadiak! Take a look at this this thread which has the steps to confirm your eligible to receive a 1099-K, and the steps to download your form from the Tax Forms section of your your online Square Dashboard.

Message 10 of 33
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