Form 1099-K: Federal & state thresholds

You will receive a 1099-K form from Wave in January 2023 if you process payments with Wave Payments and meet the minimum reporting requirement set by the IRS or your state.

On December 23, 2022, the IRS announced that 2022 will be a transition year for reduced reporting minimums. To receive a 1099-K for 2022 you must have processed:

State

Threshold

Virginia

> $600 and > 0 transactions

Vermont

> $600 and > 0 transactions

New Jersey

> $1,000 and > 0 transactions

Missouri

> $1,200 and > 0 transactions

Mississippi

> $600 and > 0 transactions

Massachusetts

> $600 and > 0 transactions

Maryland

> $600 and > 0 transactions

Illinois

> $1,000 and > 3 transactions

D.C.

> $600 and > 0 transactions

Arkansas

> $2,500 and > 0 transactions

All other states follow the IRS threshold

> $20,000 and > 200 transactions

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