Form 1099-K: Federal & state thresholds

You will receive a 1099-K form from Wave in January 2023 if you process payments with Wave 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.

 

State

Threshold

D.C.

> $600 and > 0 transactions

Illinois

> $1,000 and > 3 transactions

Maryland

> $600 and > 0 transactions

Massachusetts

> $600 and > 0 transactions

Missouri

> $1,200 and > 0 transactions

New Jersey

> $1,000 and > 0 transactions

Vermont

> $600 and > 0 transactions

Virginia

> $600 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.