Filing Form 1099-K Electronically for 2023
Safe, Fast, and Secure way to File Form 1099 K
E-file Form 1099-K NowPricing as low as $0.80/form
What are the 1099-K
Threshold Changes for 2023 Tax Year?
IRS has made changes to the 1099-K Threshold and transaction limits for the 2023 tax year. Under the revised rules set by the American Rescue Plan Act (ARPA), anyone who receives gross payments exceeding $600 will receive Form 1099-K from PSE regardless of the number of transactions made. Previously, Form 1099-K was only required if the payee received $20,000 in gross payments and had 200 eligible transactions within the calendar year.
| Changes | 2022 Tax Year | 2023 Tax Year |
|---|---|---|
| Threshold Limit | $20,000 | $600 |
| Transactions | 200 | Any Number of Transactions |
Form 1099 K Electronic Filing Requirements
The following information is required to complete your IRS Form 1099-K:
- 1. Filer Details: Name, EIN and Address
- 2. Payee Details: Name, SSN, Address and Account Number
- 3. Payment settlement entity (PSE) or Electronic Payment Facilitator (EPF) or Other third-party Details
-
4. Payment Details
- Gross amount of payment card/third party network transactions
- Card Not Present transactions
- Merchant category code
- Number of payment transactions
- Federal income tax withheld
- Total reportable payment transactions for each month
Want to know how to complete Form 1099-K? Check out this step by step Form 1099-K instructions.
E-File Form 1099-K NowHow to File Form 1099-K Electronically for 2023 Tax Year?
1099 Form electronic filing is quick, simple, and secure. Just follow the steps below to file Form 1099-K in just a few minutes
Enter Form 1099-K Information
Enter the Filer and
payee details information.
Review Form 1099-K Information
Review the information provided and transmit the return to the IRS
Transmit the Form to the IRS
Once the IRS accepts your return, get the filing status in minutes.
Benefits of Filing Form 1099 K Electronically
Below are the best benefits you will get when you E-file Form 1099-K for 2023 Tax Year
Postal Mail & Online Access
TaxBandits delivers your recipient copies by mail and allows the recipients to have online access through a secure portal.
Instant IRS Updates
TaxBandits allows users to file in minutes and You get instant IRS updates on the status of the forms you file.
Bulk Uploads
Upload a high volume of forms through our bulk upload feature and Simplify your filing process and save time with our bulk upload templates.
TIN Matching
Using the SSA database, TaxBandits verifies the TINs on each of your forms. Any errors can be quickly fixed before sending Form 1099-K to the IRS.
Built-in Error Checks
A built-in error checker will examine the accuracy of the provided data and reduce the chances that it will be rejected due to simple mistakes.
Print Form Copies
The option to download and print form copies is available. Forms are always available at the Distribution Center for access and printing.
Benefits of Filing Form 1099 K Electronically
Below are the best benefits you will get when you E-file Form 1099-K for 2022 Tax Year
Postal Mail & Online Access
TaxBandits delivers your recipient copies by mail and allows the recipients to have online access through a secure portal.
Instant IRS Updates
TaxBandits allows users to file in minutes and You get instant IRS updates on the status of the forms you file.
Bulk Uploads
Upload a high volume of forms through our bulk upload feature and Simplify your filing process and save time with our bulk upload templates.
TIN Matching
Using the SSA database, TaxBandits verifies the TINs on each of your forms. Any errors can be quickly fixed before sending Form 1099-K to the IRS.
Built-in Error Checks
A built-in error checker will examine the accuracy of the provided data and reduce the chances that it will be rejected due to simple mistakes.
Print Form Copies
The option to download and print form copies is available. Forms are always available at the Distribution Center for access and printing.
When is the Deadline to File Form 1099-K for the 2023 Tax Year?
The deadline to file Form 1099-K varies based on the filing methods, File your Form 1099-K on or before
the deadline to avoid late filing penalties.
Recipient Copy
January 31, 2024
IRS E-File
March 31, 2024
IRS Paper Filing
February 28, 2024
Ready to E-File
Form 1099-K?
E-Filing your Form 1099-K should be safe and secure. Complete your form and get the filing status instantly
Contact Us
For any questions about filing your Form 1099-K, you can contact our support team by phone or email. We are happy to assist you!
Email us at
support@TaxBandits.com
Phone
(704) 684-4751
Frequently Asked Questions on Form 1099-K
Helpful Resources for Form 1099-K
Form W-9: Request for Taxpayer Identification Number and Certification
Invite your vendors to complete and
e-sign W-9
Form W-9 is an IRS tax form used by an individual or entity to request a person's name, address, Taxpayer Identification Number (TIN) and certification from a hired contractor or vendor to e-file the 1099 information returns. IRS Form W9 is known as Request For Taxpayers Identification Number and Certification Form. With TaxBandits online portal, employers can request form W9 online and manage all W-9 forms at one place securely. Sign up now and request the first FIVE
Form W-9 for FREE.