Form 1099-K: Federal & state thresholds

If you process credit card payments with Wave and meet the minimum reporting requirement set by the IRS or your state, you will receive Form 1099-K from Wave. Form 1099-K is available in January for the previous year.

The IRS requires Wave to send out Form 1099-K if you processed more than $20,000 in credit card payments during the calendar year, and the number of transactions exceeds 200.

Even if you have not met the IRS threshold, you may still receive a Form 1099-K. You can use this form for informational purposes.

States with forms filed at a different threshold are listed below:

State Threshold
Arkansas $2,500
D.C $600
Illinois $1,000 and 4 transactions
Maryland $600
Massachusetts $600
Missouri $1,200
Montana $600
New Jersey $1,000
North Carolina $600
Vermont $600
Virginia $600

All other states follow the federal threshold set by the IRS.

Learn more about Form 1099-K and federal reporting requirements on the IRS website: Understanding your Form 1099-K.