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katystava
January 9, 2024
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will QuickBooks Payments issue 1099K's for ACH Payments >$600 (tax year 2023)?

  • January 9, 2024
  • 1 reply
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This is @LisaNullar 's excellent summary of changes to 1099K reporting for tax year 2023:

https://quickbooks.intuit.com/learn-support/articles/getting-the-most-out-of-quickbooks/updated-filing-requirements-for-form-1099-k/05/1179914

 

It says, "Beginning with tax year 2023, you will receive a Form 1099-K if the gross amount of aggregate payments is $600 or more, regardless of the number of such transactions."

 

My question is: Will QuickBooks Payments issue a Form 1099K if we have received payments of $600 or more via ACH? Or will the 1099K be issued only if payments were processed via "third party" such as Credit Card/PayPal/Venmo?

 

Thanks!

Best answer by SirielJeaB

Thank you for engaging in the Community space.

 

It's important to note that QuickBooks Payments will not issue a 1099-K form for payments of $600 or more received via ACH, as the 1099-K form encompasses the annual gross amount of all reportable payment transactions made through a payment card or third-party payment network. You can refer to this article:  IRS instructions for Form 1099-K.

 

Additionally, ACH payments are associated with the 1099-NEC. For further details, please refer to the following articles for references:

 

 

You can also print your 1099 forms within the program.

 

Keep in touch if you need further clarifications about 1099s or if there's something else I can do for you. I've always got your back. Keep safe.

1 reply

S
SirielJeaBAnswer
January 9, 2024

Thank you for engaging in the Community space.

 

It's important to note that QuickBooks Payments will not issue a 1099-K form for payments of $600 or more received via ACH, as the 1099-K form encompasses the annual gross amount of all reportable payment transactions made through a payment card or third-party payment network. You can refer to this article:  IRS instructions for Form 1099-K.

 

Additionally, ACH payments are associated with the 1099-NEC. For further details, please refer to the following articles for references:

 

 

You can also print your 1099 forms within the program.

 

Keep in touch if you need further clarifications about 1099s or if there's something else I can do for you. I've always got your back. Keep safe.

K
katystavaAuthor
January 11, 2024

Thank you for the clarification!

C
Carneil_C
January 11, 2024

Hello, @katystava.

 

On behalf of my colleague, SirielJeaB, you're welcome. The QuickBooks Community will always be around to lend you a hand any time you need guidance.

 

I'll be around if you need further assistance with any QuickBooks Payments-related tasks. I hope you have a pleasant day ahead. Keep safe always! 

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