Why is there a keyed transaction total on my 1099-K?

[2healinghandsNE]

Why is there a keyed transaction total on my 1099-K? Where does it mean in relation to my taxes?

[VanKalkerFarms]

I don't see that on my 1099K.  I see a "card not present transactions" in field 1b and "number of payment transactions" in field 3.

What field is it in on yours?

[2healinghandsNE]

I guess that's what it says..but why is what I want to know? What affect does that have on my taxes? Why is it even on there?

[VanKalkerFarms]

There are specific thresholds that the government wants to know to trigger a 1099k.  $20,000 in transactions AND 200 transactions. It doesn't have an effect on your taxes other than to show that you exceeded the number of transactions to trigger the form and for the IRS to use to cross reference if you ever get audited.

Here are the 1099k form instructions from the IRS.  https://www.irs.gov/instructions/i1099k/ar01.html#d0e187

[2healinghandsNE]

Okay, but why include a refunded transaction on my 1099?

[Sean]

@2healinghandsNE - If you take a look at the IRS site that @VanKalkerFarms shared, you'll see that they require credit card processors to report gross amount without regard to any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts.