1099-K Forms
Form 1099-K is an informative report that details business payments received via credit, debit, or gift cards and payment gateways such as Zoho Payments. A 1099-K is filed with the Internal Revenue Service (IRS) to ensure accurate payment reporting.
To be eligible for a 1099-K, you must receive over $600 in gross payments during the calendar year through Zoho Payments.
In your 1099-K form, you’ll find a summary of all transactions, such as the gross amount of payments received, the number of transactions, and the total number of cards used for payments.
To view the 1099-K Form:
- Go to Reports.
- Select 1099-K Forms from Taxes and Statutory Compliance.
- Click Download to view the filed 1099-K Form.
- Click Export Associated Transactions to review all reported transactions.
Insight: Zoho Payments notifies you when a 1099-K Form is filed and allows businesses to download it from the app as per the Terms for Electronic Delivery of 1099-K Form.
Form 1099-K Details
The 1099-K form will include the information provided below:
| Box Name | Description |
|---|---|
| Filer’s Information | Information of the filer, in this case, Zoho Payments. |
| Filer Checkboxes | Zoho Payments checks these boxes to indicate whether it is a Payment Settlement Entity or Electronic Payment Facilitator and whether the transactions reported are via payment cards or a third-party network. |
| Payee Information | Your business information. |
| PSE’S Name and Phone Number | Contact details of the Payment Settlement Entity reporting the transactions. |
| Account Number | Merchant account number provided by Zoho Payments. |
| Filer’s Tax Information | Zoho Payments' Tax Identification Number provided by the US government. |
| Payee’s Tax Information | The recipient’s Taxpayer Identification Number (TIN). This can be a Social Security Number (SSN), Employer Identification Number (EIN), or Individual Taxpayer Identification Number (ITIN). |
| Payment Information | Box 1a: Gross amount of transactions processed through Zoho Payments. Box 1b: Card not present transactions. Box 2: Merchant Category Code (MCC) is a four-digit code assigned to you based on your business type. Box 3: Number of payment transactions (if applicable). |
| Federal Income Tax Withheld | Box 4: Any federal income tax withheld from the payments. |
| Monthly Breakdown | Boxes 5a-5l: Monthly breakdown of gross payment amounts. |
| State Filing Information | Boxes 6-8: Details of any state income tax withheld and state’s identification number. |
Note: If there are changes in the payee or payment information in the form, write to support@zohopay.com for further assistance.
Insight: Zoho Payments files Form 1099-K, reporting total payments to federal and state agencies, as well as to CFSF participating states. Learn more about the state-wise requirements for filing the 1099-K form.
