System updates

We’re experiencing issues that may affect your Square services. We’ll continue to update our status page with more information.

Home>1099-K

Form 1099-K Qualifications

Learn about taxpayer information, qualifying and viewing your Form 1099-K, and general tax reporting procedures with Square.

In the US, the state your taxpayer information is associated with will determine your qualification for a Form 1099-K. The thresholds for Form 1099-K qualification can vary from state to state. Make sure to double check your state’s thresholds. 

In most states, accounts meeting both of the following criteria qualify for a Form 1099-K and must be reported to the IRS by Square:

  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

Square may report, solely within its discretion, on amounts below these thresholds to meet state and other reporting requirements:

District of Columbia

Square is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments.

Illinois

Square is required to issue a Form 1099-K and report to the state when more than $1000 is processed in card payments and more than 3 transactions.

Maryland

Square is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments.

Massachusetts

Square is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments.

Missouri

Square is required to issue a Form 1099-K and report to the state when $1200 or more is processed in card payments.

Vermont

Square is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments.

Virginia

Square is required to issue a Form 1099-K and report to the state when $600 or more is processed in card payments.

These reporting thresholds are based on the aggregate gross sales volume processed on all accounts using 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 qualify for a Form 1099-K.

Learn more about updating your Taxpayer Identification Number.

For every account that meets the Form 1099-K requirements, including non-profits, the IRS requires Square to report this information. According to the IRS, gross income is defined as all facets of income an individual has received throughout the calendar year.

Can't find what you need?