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Tax Season and 1099-K Forms with Square

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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 you did more than $20,000 in gross sales from goods or services in the calendar year AND completed more than 200 transactions in the calendar year. 

 

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

 

Square_Dashboard.png

 

If you don't qualify for a 1099-K, you can still calculate your year-end sales report (including fee information) from the Sales Summary tab of your Square Dashboard.

 

Pro Tip

If your tax form page on the Square Dashboard is loading slowly, try downloading your 1099 from this link


Still have questions? Read more about Square tax reporting and form 1099-K or post here in the community - we'll be happy to help you out! 

Message 4 of 53 (20,811 Views)
52 Replies

How much can I sell before I have to claim on my taxes

[ Edited ]

Reply created by merging with "How much can I sell before it gets reported to the IRS?" The author has been notified of this merge via email.

Message 1 of 53 (5,793 Views)

Square's IRS reporting obligations regarding users are....what, if any?

What info is SQUARE obligated to report to the IRS, and if so, on what schedule?

Thanks

Message 2 of 53 (5,803 Views)

Re: Square's IRS reporting obligations regarding users are....what, if any?

Short answer, if you exceed $20,000 AND 200 transactions they will file a 1099-K.

 

Full answer at the following link.

 

https://squareup.com/help/us/en/article/5048

Message 3 of 53 (6,000 Views)

Re: Tax Season and 1099-K Forms with Square

I dont see my  Form 1099 yet?

Message 5 of 53 (20,506 Views)

Re: Tax Season and 1099-K Forms with Square

They're not available for 2016 yet.  They will be before the end of the month.

Message 6 of 53 (20,488 Views)

Re: Tax Season and 1099-K Forms with Square

Thanks @VanKalkerFarms, I should have mentioned that detail earlier. @van5611dg - check back at the end of the month and if you qualify for a 1099, it should be available. 

Message 7 of 53 (20,484 Views)

Re: Tax Season and 1099-K Forms with Square

Hi everyone,

I do not qualify for a 1099-K since I fall below the amount & transactions. However, do I still claim my end of year sales since I need to see if I qualify for a tax credit for my dependants?

Message 8 of 53 (20,209 Views)

Re: Tax Season and 1099-K Forms with Square

I'm sure that will be valuable information for your accountant to know regardless of your specific income through Square.

Message 9 of 53 (20,199 Views)

Re: Tax Season and 1099-K Forms with Square

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Hey @Irene, that's a question your tax professional will likely have the best answer to. 😊

Message 10 of 53 (20,137 Views)