099-K Reporting Requirements for Payment Settlement Entities This is from IRS web site. Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions: All payments made in settlement of payment card transactions (e.g., credit card); Payments in settlement of third party network transactions IF: -Gross payments to a participating payee exceed $20,000; AND -There are more than 200 transactions with the participating payee. Is this mean if the transactions are less than 200 and the gross payment is less than 20000, we should not report? Coming Saturday I will stop by H & R office and get some idea. 

magorkhe1 · Feb 23, 2015 1:52 PM

आज नजिकैको H & R मा गएर बुझ्दा : You should treat it as investment income / business income using Schedule C. The business code may vary depending upon how you made money. You have to click on 1099 and you have to input all informations as it is on the 1099 K boxes.  If you have any related expenses you can deduct it. Major expenses : Interest If you have taken a loan to earn this income  and paid interest ,  you can deduct it. That is all. Last edited: 27-Feb-15 06:57 PM

maGorkhe1 · Feb 27, 2015 6:49 PM