If you received a Form 1099 K, your business proccsed payment transactions from debit and credit cards above $20,000, and had more than 200 such transactions. You would need to report amounts from 1099 K together with other non credit card sales, such as checks and cash, on Schedule C of form 1040. Generally, your total sales should not be less then the amount reported in 1099 K.
Be the first to comment