Frequently asked questions about Form 1099-K

A 1099-K is an informational form that summarizes the online payments activity on your Wave Payments 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 Wave Payments account – that is, the total amount of money you've processed through Wave in a calendar year.

This total only includes credit card payments you've accepted on your Wave invoices. Any fees, refunds, or adjustments are not deducted from the total amount.

Will I receive a 1099-K?

You will receive a 1099-K form if you meet the minimum requirements set by the IRS, or your state, to report income received through credit card processing.

According to the federal limits, 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.

Certain states have lower thresholds that may require Wave to send a 1099-K, even if you don’t meet the federal criteria mentioned above. Here is a list of states, and the reporting threshold which determines whether you will receive a 1099-K form.

State Reporting threshold
Arkansas Over $2500.00
California Over $600.00
Illinois Four or more separate transactions that exceed $1,000.00
Maryland Over $600.00
Massachusetts Over $600.00
Mississippi Over $600.00
Missouri Over $1,200.00
Vermont Over $600.00
Virginia Over $600.00
Washington D.C Over $600.00

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 business address you registered when signing up for Wave Payments.

If the address on your payments profile is incorrect and you did not receive the form, click on the help button in the bottom right corner of your Wave account, and type 1099-K. Mave, our support chatbot will help you submit a request with the required information. Our Support Team will then email you with a digital copy of the form for your records, and update your address on file.

The information on my form is incorrect. What do I do?

If any information on your 1099-K form is incorrect and needs to be updated, click on the help button at the bottom right corner of your Wave account, and type 1099-K. Mave, our support chatbot will present you with some options. Click My form 1099-K is wrong to submit a request to the Support Team, and include the specific amendments. Have a copy of your SS-4 ready as it may sometimes be required depending on the correction requested.

After June 30, 2022 amendments to the issued 1099-K will no longer be possible.