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.