A 1099-K is an informational form that summarizes the online payment 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. 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 card processing. In order to receive a 1099-K you must have:
- Processed a minimum of $20,000 AND
- Processed over 200 transactions in the calendar year.
These are the federal limits, but note that certain states have lower thresholds that may require Wave to send a 1099-K even if these criteria are not met.
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 Wave Payments. If the address on your payments profile is incorrect, or if you did not receive your Form 1099-K please contact our Customer Support Specialists so we can update the address on file and provide you with a digital copy for your records.
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 with the specific amendments needed and have a copy of your SS-4 ready. After June 30, 2021 amendments to the issued 1099-K will no longer be possible.