What is a 1099K Form?
A 1099K Form is a form that summarizes the activity of credit card transactions on your account and is designed to assist you in reporting your taxes. It is mandatory for Jobox as the merchant platform to provide this information to the user and the IRS. It is NOT a report of earnings as it doesn’t factor in other costs that you may incur to run your business.
Who receives a 1099-K?
On November 21st, 2023 the IRS announced that the 1099K filing threshold will remain at 20,000 USD and 200 transactions for tax year 2023.
If the gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and they're based in the US or are a US taxpayer—payees should expect to receive a 1099-K through paperless delivery.
How do I request my 1099K Form?
If you are eligible according to your financial activity during 2023, meaning that you have more than USD 20,000 in total gross volume of credit card payments AND more than 200 charges, the 1099-K form will be sent to you automatically.
Please note, If you did not process payments within those reporting IRS thresholds, Jobox will not issue you the form.
How to open the secured email of my 1099-K Form?
The email will include instructions on how to open the secured PDF file.
Make sure you are using the first 4 letters in lowercase that come after the word 'Dear....' in the email, and then use the last 4 of the SSN or EIN you put on file.
The password is based on Recipient data in the system and is generated automatically. If there is a typo in the Social Security Number (SSN) or Employer Identification Number (EIN), the recipient should contact Jobox to find out what was used in their profile to be able to open the PDF.
Deadlines and extensions
The deadline to report 2023 tax forms to the IRS through Jobox 1099 is January 15, 2024. This will ensure the forms are filed with the IRS and a copy is sent out to you before the IRS deadline of January 31, 2024.
Penalties
IRS penalties ranging from $50 to $290 per form may apply for each instance where you:
Don’t e-file with the IRS by the deadline
Don’t report a Taxpayer ID (TIN)
Report an incorrect TIN
Report incorrect information
Larger penalties may be enforced where there is evidence of intentional disregard or neglect.
* Please note, that Jobox will charge a penalty fee for late issuing requests and any incorrect reporting provided information.
Click the button below to confirm/update the information we have on file.
** The content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, financial, or other advice.
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