What is a Form 1099-K?

The Form 1099-K reports payment transactions, such as credit card sales or third party transactions from networks such as PayPal, Venmo, Zelle, and CashApp. The idea behind a 1099-K is to track business income for goods or services sold where the payments were reported through an app or online platform. 

Note that not all of the transactions on your 1099-K may be taxable. For example: if a 1099-K is issued that includes the amount your roommate reimburses you for their half of rent, this would not be taxable.

The IRS advises taxpayers using online payment apps for non-taxable items (such as your roommate sending you money for their half of rent) to note these types of payments as non-business in the payment apps when possible. 

If non-taxable items are included on your 1099-K, the IRS has more information here for how to either get this form corrected or file with that information (if the issuer is unable to correct it).

Beem supports 1099-K business income filed on a Schedule C, the reporting of 1099-K non-business income, and the adjustment for 1099-K nontaxable income.

For coverage details and other important legal information about Filer, you can read more here.

How do I get my 1099-K?

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