E-File Form 1099-K Online for
2023 Tax Year
Benefits of E-Filing 1099-K Form with TaxBandits
- E-file in 3 Simple Steps
- Supports Federal & State Filing
- Deliver Recipient Copies via Online Access / Postal Mail
- Supports multiple Bulk Import options
- Summary Form 1096 is Included
- Phone, E-mail & Live Chat Support
Lowest Price in the Industry
Benefits of Filing 1099-K online With TaxBandits
Get Instant Filing Status
Receive real-time updates on your 1099-K filings via email or track them anytime from your dashboard. Stay informed every step
of the way.
E-file for Every State
Stay compliant with States.TaxBandits supports e-filing for state returns as well, allowing you to seamlessly file your Form 1099-K for both federal and state authorities.
Recipient Copy Distribution
Distribute 1099-K recipient copies via postal mail or online access. You can also download copies in your preferred format and mail it to your recipient on
your own.
Address Book
Import business and recipient information from your Address Book for quick, error-free submissions across various forms like BOIR, Payroll, 94x forms, W-9, W-2, ACA, and more.
Bulk E-Filing
Easily file multiple returns with TaxBandits. Import your data using your own templates in CSV or Google Sheets, or use our standard templates. Download here.
Internal Audit Check
TaxBandits internal audit check ensures that your Forms are validated through IRS business rules. Any errors identified will be listed and you will be prompted to fix those instantly.
TIN Validation
Ensure accuracy by validating your payer TIN against the IRS database. This helps you e-file your 1099-K correctly and avoid IRS B-Notices.
IRIS Business Validation
Guarantee the accuracy of your tax returns with our IRIS Validation feature, which automatically detects and corrects errors and inconsistencies before submission.
BanditComplete
Simplify the distribution of recipient copies. TaxBandits provides your recipient with both physical and electronic copies of the forms to ensure recipients receive their documents reliably
and on time.
Save Form Drafts
Complete and File your 1099-K returns at your own pace. TaxBandits lets you save your work as a draft. Easily pick up and continue your filing whenever you're ready.
7 years of Record keeping
All Form copies are stored on our secure HIPAA-compliant server for up to 7 years. You can always log In to your TaxBandits account and download or print the Form copies at any time.
Dedicated Support
Have any questions? Our dedicated team of experts is always here to assist you in every way possible via phone, email, or live chat.
How to File 1099-K Online for 2023 with TaxBandits?
Start by selecting Form 1099-K from your dashboard. With TaxBandits, you can file this form for both the current and previous tax years.
Select “Manual entry” and Enter the required information on Form 1099-K.
You can opt for state filing and select how you'd like to send recipient copies. You can choose mailing, online access, or the BanditComplete option, which offers both.
Review the information entered on Form 1099-K and make necessary changes if needed.
After reviewing the form, transmit the completed Form 1099-K to the IRS and State.
Are you ready to begin e-filing your 1099-K Form? File in minutes with TaxBandits!
How to E-file Form 1099-K?
What Information is Required to E-file Form 1099-K Online?
- 1. Filer Details: Name, EIN, and Address
- 2. Payee Details: Name, TIN, Address
- 3. Payment settlement entity (PSE) or Electronic Payment Facilitator (EPF) or Other third party Details
-
4. Payment Details
- i. Gross amount of payment card/third party network transactions
- ii. Card Not Present transactions
- iii. Merchant category code
- iv. Number of payment transactions
- v. Federal income tax withheld
- vi. Total reportable payment transactions for each month
Get Started with TaxBandits to e-file your Form 1099 K in minutes!
Exclusive Pro Features designed for Tax Professionals
Streamline tax filing and enhance your workflow with powerful features tailored for tax professionals.
BanditCollab (Team Management)
Add unlimited team members to streamline your workflow. Assign your staff roles—Preparer, Approver, and Transmitter—based on their filing responsibilities.
BanditConnect (Client Management)
Communicate and securely share files with your clients using BanditConnect. Customize the secure portal to reflect your branding.
Custom Reports
Gain insights into staff activities and client filings with detailed reports. Enhance decision-making with in-depth analytics.
Enable Seamless 1099-K Automation Using TaxBandits API!
If you are a software provider or a large filer, TaxBandits offers an API integration that allows you to enable streamlined
automation of 1099-K e-filing and distribution right from your software.
Success Starts with TaxBandits
The Smart Choice of every 1099 Filers
Excellent Step by Step process and easy to go back and make edits....
- Luis Collazo
Very easy navigation going forward and backwards. I usually have trouble online with confusing instructions. Yours is very easy.
- Jay Polonsky
Easy and reasonably priced. Great customer service!
- Allen Cohen
I’m quite impressed, especially in comparison with other sites from the IRS list I reviewed as well. Well done. Thank you.
- Igor Mandryka
Very easy to find my way around, most help features are very good, customer service response has been exceptional for the price point.
- Jerry Morris
Work flow makes sense, navigation is easy, customer service is excellent with prompt call backs and thoughtful support.
- Michael Morris
Frequently Asked Questions to File 1099 K Online
What is IRS Form 1099-K?
IRS Form 1099-K is used by the Payment Settlement Entities (PSEs) to report the settlement of reportable payment transactions made through payment card transactions or third-party network transactions for each calendar year.
The business or individual will receive Form 1099-K from each payment settlement entity used in the prior calendar year if
- Payment is received through payment card transactions (debit and credit card).
-
Received payment of at least $20,000 and 200 transactions made through third-party network transactions (PayPal, Cash App, Venmo, and other
third-party networks).
Note: The transaction doesn’t include any personal payment, such as payment made to families and friends.
Who Must File 1099-K?
Form 1099-K should be filed by payment settlement entities to report online payments received to the payee under the following circumstances.
- If any payment is received through payment cards such as Debit Cards, Credit Cards, or Stored value cards.
-
If payment is received through payment apps and an online marketplace of at least $20,000 with 200 transactions during the year. The payment includes any personal item sold, renting property, or services provided through the following platforms
- Online payment apps such as PayPal, Venmo, and Cash app.
- Auction sites
- Ticket selling platform
- Car rental platform
- Craft or maker marketplace
- Real estate marketplace
- Crowdfunding platform
- Freelancer marketplace.
What is the new threshold of Form 1099-K?
The new threshold for Form 1099-K remains at $20,000 with a 200 transaction limit for the year 2023, as the IRS has postponed the anticipated change to a $600 threshold. This delay designates 2023 as a transition period, maintaining the existing requirements for reporting. Learn More
When is the deadline to File 1099-K?
The Form 1099-K must be furnished to recipients before January 31, 2024, and a copy of the form should be paper filed with the IRS by February 28, 2024. The e-filing deadline for Form 1099-K is April 1, 2024, for the 2023 tax year.
Note: If the deadline falls on a weekend or federal holiday, the deadline moves to the next business day.
What are the Boxes in
Form 1099-K?
Form 1099-K comprised of 8 Boxes. You have to enter the required information in each box.
Boxes for Filer’s Information
1. Enter Filer’s information like Name, Address, City or Town, State, Postal Code, and Phone Number
2. Enter Filer’s TIN (EIN/SSN)
3. Filer Type (PSE or EPF)
4. Transactions reported (Payment Card or Third-party network)
Boxes for Payee Information
1. Enter Payee TIN
2. Enter Payee Name
3. Enter Payee Address
4. Enter Payee City, State, Country, and ZIP code
Boxes for Debt information
-
Box 1a: Gross Payment Card/Third Party Network Transactions
-
Box 1b: Card Not Present Transaction
-
Box 2: Merchant Category Code (MCC)
-
Box 3: Number of Payment Transactions
-
Box 4: Federal Income Tax Withheld
-
Box 5a to 5I: Total reportable payment transactions for each month
-
Box 6 to 8: State Information
Want to know how to complete Form 1099-K? Follow these step-by-step Form 1099-K Instructions to guide you through the process.
What is the difference between Form 1099 K, NEC and MISC?
Form 1099-K is used to report any payments made through payment cards and third-party networks, while Form 1099-MISC is typically used for miscellaneous payments made through cash or check. Form 1099-K, on the other hand, is specifically used to report non-employee compensation made through cash or check. Learn more in detail about Form 1099-K vs NEC vs MISC.
Helpful Resource for Filing 1099-K
