See below for all of the required data elements for completing Form 1099-K reporting.
Filing Entity
The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.
For more information on Filer setup, please refer to this guide: Filer Setup
| Field Name | Required |
| Name | Required |
| Address | Required |
| Tax Residency | Required |
| US TIN | Required |
| Contact Phone Number | Required |
| 1099-K Filer Type | Required |
| 1099-K Transaction Type | Required |
| PSE Name | Only required if the Filer Type is Electronic Payment Facilitator(EPF)/Other third party |
| PSE Telephone Number | Only required if the Filer Type is Electronic Payment Facilitator(EPF)/Other third party |
Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).
Account Owner / Account
For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.
The following table, however, summarizes the required fields needed to complete the Form 1099-K.
For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide
| Field Name | Required |
| Account Owner ID | Only required if you have Account Owners with multiple Accounts |
| Account ID | Required |
| Name | Required |
| Joint Account Name | If Applicable |
| Address | Required |
| Tax Residency | Presumed US if unavailable |
| TIN | Required |
| Filer ID | Only required if you have multiple Filers |
Please note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1099-K reporting.
Transactions or Form Data
For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report on the Form 1099. If you are doing the aggregations already, then we also offer the option of sending us Form Data, which would include the final amounts that go on the form.
Transactions
For the Form 1099-K, the only applicable transaction type is Income, with a subtype of either Payment-Goods, or Payment-Services.
For more information on formatting the Transactions template, please refer to this guide: Standard - Transactions - CSV Ingestion Template Guide
| Field Name | Required |
| Account ID | Required |
| Transaction ID | Required |
| Date and Time | Required |
| Transaction Type | Required: Income |
| Transaction Subtype | Required: Payment-Goods or Payment-Services |
| Received Asset Quantity, Currency, and Rate/USD Value | Required |
| Sent Asset Quantity, Currency, and Rate/USD Value | Not Applicable |
| Fee Asset Quantity, Currency, and Rate/USD Value | If Applicable |
Form Data
To the extent transactions are not being provided, and Taxbit is not handling aggregations, the following data points must be provided for Form Data ingestion.
Note that there should typically be a single row for each Account in the template; however, if the income applies to multiple states, there may be a separate row for each state. The state field is only required if there is state withholding, or if the income is attributable to a state that is different from the Account Owner’s address.
For more information on formatting the 1099-K Form Data CSV template, please refer to this guide: 1099-K - Form Data CSV Ingestion Template Guide
| Field Name | Required |
| Account ID | Required |
| Gross amount of payment card/third party network transactions (Box 1a) | Required |
| Card Not Present transactions (Box 1b) | If Applicable |
| Merchant category code (Box 2) | If Applicable |
| Number of payment transactions (Box 3) | Required |
| January (Box 5a) | Required |
| February (Box 5b) | Required |
| March (Box 5c) | Required |
| April (Box 5d) | Required |
| May (Box 5e) | Required |
| June (Box 5f) | Required |
| July (Box 5g) | Required |
| August (Box 5h) | Required |
| September (Box 5i) | Required |
| October (Box 5j) | Required |
| November (Box 5k) | Required |
| December (Box 5l) | Required |
| Federal income tax withheld (Box 4) | If Applicable |
| State (Box 6) | Only required if there is state withholding, or the income is applicable to a state that is different from the address state |
| State identification no. (Box 7) | If Applicable |
| State income tax withheld (Box 8) | If Applicable |