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.