Square Tax Reporting and Form 1099-K Overview

Learn about Square Tax Reporting and the 1099-K form, including qualification standards, IRS rules, and how to update the Federal Business Tax ID (EIN) associated with your Square account.

The IRS requires that Payment Settlement Entities, such as Square, report the payment volume received by U.S. account holders. A 1099-K is the information return that is given to the IRS and qualifying customers.

Review this sample 1099-K form.

Do I Qualify for a 1099-K?

All accounts that meet both the following criteria qualify for a 1099-K and must be reported to the IRS:

  1. More than $20,000 in gross sales from goods or services in the calendar year
  2. AND more than 200 transactions in the calendar year

These reporting thresholds are based on the aggregate gross sales volume processed on all accounts that use the same Tax Identification Number (TIN). If you have multiple accounts that use the same TIN, we will aggregate the volume for all accounts to see if you meet threshold.

Learn how to update the Taxpayer Identification Number associated with your account.

For every account that meets the 1099-K requirements, including non-profits, the IRS requires that Square report this information.

If you qualify, you can download your 1099-K forms from the Tax Forms tab of your Square Dashboard.

Don’t see a Form 1099-K for the current tax year?

If you did not qualify to receive a 1099-K from Square, you can calculate your year-end sales report and view your fees from your online Square Dashboard and give that information directly to your tax professional.

How do I submit my Form 1099-K?

Square is required by law to file a copy of the form(s) presented on your online Square Dashboard for the applicable tax year. You should seek the advice of a tax professional with regards to questions about how to file your taxes, Square cannot provide tax advice.

Read more about making sure that your taxpayer information is correct and up to date.

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