Frequently asked questions about Form 1099-K

A 1099-K is an informational form that summarizes the online payment activity on your Payments by Wave account, to be used in filing your taxes. Read on for more details!

What information is included in a 1099-K?

The 1099-K you receive from Wave reports the gross processing volume (GPV) of your Payments by Wave account – that is, the total amount of money you've processed through Wave in a calendar year. This total only includes credit cards and electronic bank payments you've accepted on your Wave invoices. It does not include any fees, refunds, or adjustments.

Will I receive a 1099-K?

You will receive a 1099-K form if you meet the minimum requirements set by the IRS to report income received through credit cards and bank payment processing. In order to receive a 1099-K you must have:

  1. Processed a minimum of $20,000 AND
  2. Processed over 200 transactions in the calendar year.

If you meet these requirements, Wave's banking partner will provide a copy of your 1099-K to you, and a copy to the IRS. You can find more information on 1099-K forms on the IRS website.

Where will my form be sent?

Your 1099-K will be sent to the address you have registered when signing up for Payments by Wave. If the address on your payments profile is incorrect, or if you did not receive your Form 1099-K by February 14th, 2019 please contact our Client Services Specialists so we can update the address on file and provide you with a digital copy for your records.

Please allow until February 14th before reporting your 1099-K undelivered. Digital copies will not be available until after this date.

Information on my form is incorrect. What do I do?

If any information on your 1099-K is incorrect and needs to be updated, please contact Wave before August 1, 2019 with the specific amendments needed and have a copy of your SS-4 ready. After August 1, 2019 amendments to the issued 1099-K will no longer be possible.

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