Will I receive a 1099-K if I did not meet both requirements?

[Mz_Luz]

Hello,

I was wondering if you will get a 1099-k if you only have over 200 transactions, but you did not meet the 20,000.00 anual limit for IRS reporting? 

I do small items sells acumulating more than 200 transactions but yearly sales were only 2,500.00

Thank you,

Luz

[VanKalkerFarms · Accepted solution]

both qualifiers need to be met to trigger the 1099-k 

[Mz_Luz]

Ok. I was worried about going over the 200 annual transactions but only making 2,500.00. However when you read their disclosure it reads. More than 200 transactions or 10,00.00 in earning. So that's why I got concerned...

[GlassJudy]

Here's the link to Square's 1099-k page.  Scroll to the Qualification for 1099-k section and you'll see it clearly states that both conditions must be met.

[Mz_Luz]

Thank you, that was very helpfull! Appreciate it!

[GlassJudy]

You're welcome.  I'm glad I could help.