Tax Questions How & Where to Report 1099-K income for 2011

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For tax year 2011, the IRS asks recipients of the Form 1099-K, Merchant Card and Third–Party Network Payments to include the business income from 1099-Ks as part of the aggregate total with other business receipts on their tax returns.

The “What’s New” section in the instructions for Form 1040 Sch. C,Sch. E and Sch. F has information for reporting the income on 2011 tax returns.

Please note: This does not change the requirement that responsible entities file and furnish Forms 1099-K for 2011.

Form 1099-K, Merchant Card and Third Party Network Payments

A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes a payment in settlement of a reportable payment transaction, that is, any payment card or third party network transaction, if the PSE submits the instruction to transfer funds to the account of the participating payee to settle the reportable payment transactions.

Current Products

Form 1099-K

Instructions for 1099-K ( HTML)

General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G)

Other Items You May Find Useful:

All Form 1099-K Revisions

Third Party Reporting Information Center

Other Current Products

Comment on Form 1099-K

Send us an email or use the Comment on Tax Forms and Publications web submission form to provide us feedback on the content of the products we give you to help you comply with tax law.

Caution: If you have a tax-related question, please go to Help With Tax Questions or call our toll-free number at 1-800-829-1040 (Individuals) or 1-800-829-4933 (Business). We cannot respond to tax-related questions submitted from this page.

Information Reporting Program Customer Service Section: If you have questions about reporting on Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, W-2, W-2G, and W-3, you may call 1-866-455-7438 (toll free) or 304-263-8700 (not toll free). For TTY/TDD help, call304-579-4827 (not toll free). The hours of operation are Monday through Friday from 8:30 a.m. to 4:30 p.m., Eastern time.

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