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!
Square will provide a 1099-K form for you if:
- You processed more than $20,000 in gross sales from goods or services in the calendar year AND
- 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.
Check out these frequently asked questions:
- 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.
- Need to update your personal information? You can review and update your taxpayer information (legal name and TIN) in your Square Dashboard.
- 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.