Will I be receiving a 1099-K from Fitli for my business?
Did you process enough online payments this tax year to incur requiring a 1099-K? If so, we'll be in touch - or, reach out to us and we can help.
Typically, the requirement is OVER 200 transactions AND $20k in payments/transaction volume. The thresholds for Sub-Merchants domiciled in Vermont, Maryland, Massachusetts, Virginia, and Illinois differ and can be found below:
- Vermont and Maryland: Processed more than $600 in gross payment volume in a single calendar year with at least 1 transaction processed
- Massachusetts and Virginia: Processed at least $600 in gross payment volume in a single calendar year with at least 1 transaction processed
- Illinois: Processed more than $1,000 in gross payment volume in a single calendar year with at least 4 transactions processed”
If you didn't do that in the last year, you won't be receiving a 1099-K from us.
To see what you paid in fees last year, head to the Sales Report By Transaction section of your business account. Click on 'View sales by' Sales > Card, 'Custom' for the date range, then choose the time frame (typically 1/1/xx-12/31/xx). Then 'export' the report and you'll see the following:
- Gross Amount - Your total sales
- Processing Fees - Our processor's CC fees
- Net Settlement - What's been settled into your bank account
To check some of the requirements for online businesses accepting payments from the IRS, click HERE.