If you process payments with Wave and meet the minimum reporting requirement set by the IRS or your state, you will receive Form 1099-K from Wave in January for the previous year.
The IRS requires Wave to send out Form 1099-K if you processed over $5,000 during the calendar year.
States with a different reporting threshold are listed below:
|
State |
Threshold |
|
D.C |
$600 |
|
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.