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How To Prepare An Amended Tax Return

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How To Prepare An Amended Tax Return

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Understanding Your 1099-K

The 1099-K is an IRS information return for reporting certain payment transactions to improve voluntary tax compliance. You should get a 1099-K by the end of January 2014 if, in 2013 you received payments from:

  • payment card transactions (e.g., debit or credit cards)
  • in settlement of third party payment networks (i.e., online sellers) above the minimum reporting thresholds
    -gross payments that exceed $20,000, AND
    -more than 200 such transactions.

Report 1099-K Income
Report the gross receipts or sales from all business operations in any amounts shown on Form(s) 1099-K.

If you get a Form 1099-K for amounts that belong to another person, or are a co-owner who may need to file a Form 1099-K or other information returns for other owners, check the General Instructions for Certain Information Returns.

If you are an independent contractor, the trade or business should continue to report payments made to you on Form 1099-MISC as they have done in the past. No Form 1099-K should be issued.

Make sure the merchant card or third-party clearing house has your correct Taxpayer Identification Number (TIN) by checking the TIN on Form 1099-K against the TIN you reported on Form W-9.

More Info
If you have questions about the amount reported, contact the filer (see the upper left corner of Form 1099-K). If you have questions about the merchant or third party transaction network, find the contact in the lower left corner of Form 1099-K.

 

 

Page Last Reviewed or Updated: 20-Mar-2014

The How To Prepare An Amended Tax Return

How to prepare an amended tax return Index A Accident benefits, Accident and Health Benefits Achievement awards, Achievement Awards Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. How to prepare an amended tax return Adoption assistance, Adoption Assistance Annual lease value, Annual Lease Value Assistance (see Tax help) Athletic facilities, Athletic Facilities Automobile (see Vehicles) Awards, achievement, Achievement Awards B Bicycle commuting reimbursement, qualified, Qualified bicycle commuting reimbursement. How to prepare an amended tax return C Cafeteria plans, Cafeteria Plans Cents-per-mile rule, What's New, Cents-Per-Mile Rule COBRA premiums, COBRA premiums. How to prepare an amended tax return Comments on publication, Comments and suggestions. How to prepare an amended tax return Commuter highway vehicle, Commuter highway vehicle. How to prepare an amended tax return Commuting rule, Commuting Rule Copying machine use, De Minimis (Minimal) Benefits D Daily lease value, Daily Lease Value De minimis (minimal) benefits In general, De Minimis (Minimal) Benefits Meals, De Minimis Meals Transportation, De Minimis Transportation Benefits Demonstrator cars, Demonstrator cars. How to prepare an amended tax return Dependent care assistance, Dependent Care Assistance Deposit rules, 4. How to prepare an amended tax return Rules for Withholding, Depositing, and Reporting Discounts for employees, Employee Discounts E Educational assistance, Educational Assistance Employee benefit programs Accident and health benefits, Accident and Health Benefits Cafeteria plans, Cafeteria Plans Dependent care assistance, Dependent Care Assistance Educational assistance, Educational Assistance Group-term life insurance, Group-Term Life Insurance Coverage Employee discounts, Employee Discounts Employee stock options, Employee Stock Options Employer-operated eating facility, Employer-operated eating facility for employees. How to prepare an amended tax return Employer-provided cell phones, Employer-Provided Cell Phones Exclusion rules, 2. How to prepare an amended tax return Fringe Benefit Exclusion Rules F Fair market value, Fair market value. How to prepare an amended tax return Fringe benefit overview, 1. How to prepare an amended tax return Fringe Benefit Overview Fringe benefits Special accounting rule, Special accounting rule. How to prepare an amended tax return Valuation rules, 3. How to prepare an amended tax return Fringe Benefit Valuation Rules G General valuation rule, General Valuation Rule Group-term life insurance, Group-Term Life Insurance Coverage H Health benefits, Accident and Health Benefits Health Savings Accounts, Health Savings Accounts Holiday gifts, De Minimis (Minimal) Benefits I Insurance Accident and health, Accident and Health Benefits Group-term life, Group-Term Life Insurance Coverage Long-term care, Exception for certain long-term care benefits. How to prepare an amended tax return L Lease value rule, Lease Value Rule Length of service awards, Achievement Awards Life insurance Group-term, Group-Term Life Insurance Coverage Spouse or dependent, De Minimis (Minimal) Benefits Lodging, Lodging on Your Business Premises Long-term care insurance, Exception for certain long-term care benefits. How to prepare an amended tax return M Meals De minimis, De Minimis Meals On your business premises, Meals on Your Business Premises Medical reimbursement plans, Accident and Health Benefits Minimal benefits, De Minimis (Minimal) Benefits Moving expense reimbursements, Moving Expense Reimbursements N No-additional-cost services, No-Additional-Cost Services Nonpersonal use vehicles, qualified, Qualified nonpersonal use vehicles. How to prepare an amended tax return O Options on stock, Employee Stock Options Outplacement services, Outplacement services. How to prepare an amended tax return P Parking, qualified, Qualified parking. How to prepare an amended tax return Parties, De Minimis (Minimal) Benefits Performance of services, Performance of services. How to prepare an amended tax return Pickup trucks, Pickup trucks. How to prepare an amended tax return Picnics, De Minimis (Minimal) Benefits Prorated annual lease value, Prorated Annual Lease Value Provider defined, Provider of benefit. How to prepare an amended tax return Publications (see Tax help) Q Qualified transportation benefits, Qualified Transportation Benefits R Recipient defined, Recipient of benefit. How to prepare an amended tax return Reimbursements, moving expense, Moving Expense Reimbursements Reporting rules, 4. How to prepare an amended tax return Rules for Withholding, Depositing, and Reporting Retirement planning services, Retirement Planning Services S Safety achievement awards, Achievement Awards Self insurance (medical reimbursement plans), Accident and Health Benefits Services, no-additional-cost, No-Additional-Cost Services Simple Cafeteria Plans, Simple Cafeteria Plans Special accounting rule, Special accounting rule. How to prepare an amended tax return Stock options, employee, Employee Stock Options Suggestions for publication, Comments and suggestions. How to prepare an amended tax return T Tax help, How To Get Tax Help Taxable benefits, Are Fringe Benefits Taxable? Tickets for theater or sporting events, De Minimis (Minimal) Benefits Transit pass, Transit pass. How to prepare an amended tax return Transportation benefits De minimis, De Minimis Transportation Benefits Qualified, Qualified Transportation Benefits TTY/TDD information, How To Get Tax Help Tuition reduction, Tuition Reduction U Unsafe conditions commuting rule, Unsafe Conditions Commuting Rule V Valuation rules, 3. How to prepare an amended tax return Fringe Benefit Valuation Rules Vans, Vans. How to prepare an amended tax return Vehicles Business use of (see Working condition benefits) Commuter highway, Commuter highway vehicle. How to prepare an amended tax return Qualified nonpersonal use, Qualified nonpersonal use vehicles. How to prepare an amended tax return Valuation of, Employer-provided vehicles. How to prepare an amended tax return W Withholding rules, 4. How to prepare an amended tax return Rules for Withholding, Depositing, and Reporting Working condition benefits, Working Condition Benefits Prev  Up     Home   More Online Publications