01/10/2023
Learn about Tax Year 2022 Form 1099-K changes and how you can download your 1099-K.
PRISCILLA GILLILAND
Hi Priscilla,
You are receiving this notification due to changes in both the IRS Form 1099-K reporting requirements and delivery method of your 1099-K.
What's Changing?
The American Rescue Plan of 2021 changed the 1099-K reporting threshold. Under the new law, Intuit was required to report transactions paid in 2022 that exceeded a minimum threshold of $600 in aggregate payments, regardless of the number of transactions.
On December 23, 2022, the IRS delayed the implementation of the new $600 reporting threshold.
What Does This Mean?
For tax year 2022, you will receive a Form 1099-K if the gross amount of aggregate payments exceeds $20,000 and the number of such transactions exceeds 200.
Beginning with tax year 2023, you will receive a Form 1099-K if the gross amount of aggregate payments is $600 or more, regardless of the number of such transactions.
If you qualify, your Form 1099-K will be available for download in the Merchant Service Center by January 31st.
Learn more about how and why Intuit generates a Form 1099-K.
Where can I find my Form 1099-K?
Login to the Merchant Service Center
From the Activity & Reports menu, select Download Form 1099-K
Click Download
What if my business name or Tax ID is incorrect?
Changes to your Business Name or Tax ID for the prior tax year can be made up to March 31 of each calendar year. To update your account, visit the Merchant Service Center to change your business info.
Note: Intuit is unable to make any changes to your Tax Year 2022 Form 1099-K after March 31, 2023.
