1099-K - Data Requirements

See below for all of the required data elements for completing Form 1099-K reporting.

Filing Entity

The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field Name	Required
Name	Required
Address	Required
Tax Residency	Required
US TIN	Required
Contact Phone Number	Required
1099-K Filer Type	Required
1099-K Transaction Type	Required
PSE Name	Only required if the Filer Type is Electronic Payment Facilitator(EPF)/Other third party
PSE Telephone Number	Only required if the Filer Type is Electronic Payment Facilitator(EPF)/Other third party

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

The following table, however, summarizes the required fields needed to complete the Form 1099-K.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Joint Account Name	If Applicable
Address	Required
Tax Residency	Presumed US if unavailable
TIN	Required
Filer ID	Only required if you have multiple Filers

Please note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1099-K reporting.

Transactions or Form Data

For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report on the Form 1099. If you are doing the aggregations already, then we also offer the option of sending us Form Data, which would include the final amounts that go on the form.

Transactions

For the Form 1099-K, the only applicable transaction type is Income, with a subtype of either Payment-Goods, or Payment-Services.

For more information on formatting the Transactions template, please refer to this guide: Standard - Transactions - CSV Ingestion Template Guide

Field Name	Required
Account ID	Required
Transaction ID	Required
Date and Time	Required
Transaction Type	Required: Income
Transaction Subtype	Required: Payment-Goods or Payment-Services
Received Asset Quantity, Currency, and Rate/USD Value	Required
Sent Asset Quantity, Currency, and Rate/USD Value	Not Applicable
Fee Asset Quantity, Currency, and Rate/USD Value	If Applicable

Form Data

To the extent transactions are not being provided, and Taxbit is not handling aggregations, the following data points must be provided for Form Data ingestion.

Note that there should typically be a single row for each Account in the template; however, if the income applies to multiple states, there may be a separate row for each state. The state field is only required if there is state withholding, or if the income is attributable to a state that is different from the Account Owner’s address.

For more information on formatting the 1099-K Form Data CSV template, please refer to this guide: 1099-K - Form Data CSV Ingestion Template Guide

Field Name	Required
Account ID	Required
Gross amount of payment card/third party network transactions (Box 1a)	Required
Card Not Present transactions (Box 1b)	If Applicable
Merchant category code (Box 2)	If Applicable
Number of payment transactions (Box 3)	Required
January (Box 5a)	Required
February (Box 5b)	Required
March (Box 5c)	Required
April (Box 5d)	Required
May (Box 5e)	Required
June (Box 5f)	Required
July (Box 5g)	Required
August (Box 5h)	Required
September (Box 5i)	Required
October (Box 5j)	Required
November (Box 5k)	Required
December (Box 5l)	Required
Federal income tax withheld (Box 4)	If Applicable
State (Box 6)	Only required if there is state withholding, or the income is applicable to a state that is different from the address state
State identification no. (Box 7)	If Applicable
State income tax withheld (Box 8)	If Applicable