Form 1099-K

Written by Kay Depper

Last published at: March 14th, 2024

Why am I getting a 1099-K form?

Whether you own a business, are self-employed, work in the gig economy or are selling personal items, Form 1099-K includes the gross amount of all payment transactions. The creation and submission of this form is an IRS requirement even if the funds are pass-through for insurance policy premiums.

You may receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third-party network transaction. A third party network transaction may include a payment through a payment app.

  • Payment card transaction means any transaction in which a payment card, or any account number or other identifying data associated with a payment card, is accepted as payment.
  • Third party network transaction means any transaction that is settled through a third-party payment network, but only after the total amount of such transactions exceeds the minimum reporting thresholds.

The gross amount of a reportable payment does not include any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts. The dollar amount of each transaction is determined on the date of the transaction.

Here is a link to the IRS website regarding 1099-K forms for more information:  https://www.irs.gov/businesses/understanding-your-form-1099-k


Keep in mind

If you have multiple businesses taking payments through ePayPolicy, you could receive 1099-K forms for each business.


What should I do with this 1099-K form?

Just because you are issued a 1099-K does not mean you owe taxes on those funds. You should consult with a tax specialist or your accountant, to determine what, if any, information from this form should be included in your business tax return.

ePayPolicy Support cannot assist with tax related questions. We can speak generally to the issuance of the 1099-K form, but we strongly recommend you consult with your tax preparer to better understand your 1099-K form.


How do I get my 1099-K form corrected if there is an error?

Please reach out to our Support team if you have any questions regarding the issuance of this form, or for any correction requests.  

Our team can be reached Monday through Friday, 8AM-5PM CST by email at support@epaypolicy.com, or by phone at 844-372-9300 Option 2.  

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