Get the free 2013 Form 1099-K. Paymnet Card and Third Party Network Transactions - irs

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How to fill out 2013 form 1099-k paymnet

How to fill out 2013 Form 1099-K payment:

1. Gather the necessary information: Before filling out the form, you will need to collect certain details. This includes the name, address, and taxpayer identification number (TIN) of the payment recipient, as well as the total amount paid to them during the tax year.
2. Obtain Form 1099-K: Download or obtain a physical copy of the 2013 Form 1099-K from the Internal Revenue Service (IRS) website or your local IRS office. This form is used to report payments made in electronic transactions.
3. Fill in the payer's information: On the top left section of the form, you should provide your own information as the payer. This includes your name, address, telephone number, and TIN.
4. Complete recipient's information: Moving to the top right section, enter the recipient's name, address, and TIN. Make sure to double-check the accuracy of these details to avoid any issues.
5. Report payment information: In the middle part of the form, there are multiple boxes where you should input the payment details. This includes the gross amount of payment made to the recipient during the tax year and the number of transactions involved.
6. Determine merchant card and third-party network payment totals: If you made payments to the recipient using a merchant card or through a third-party network, enter those amounts in the designated boxes.
7. Other payment card information: If there were any adjustments made to the payments or if you are reporting any prior year information, provide those details in the applicable sections.
8. Review and sign: Once you have completed filling in all the necessary information, carefully review the form to ensure accuracy. If everything looks correct, sign and date the form.

Who needs 2013 Form 1099-K payment?

1. Businesses and individuals involved in electronic transactions: Form 1099-K is typically required for businesses and individuals who engage in electronic transactions. This includes those who accept payments through credit cards, debit cards, or other payment card methods.
2. Threshold requirements: The IRS requires the filing of Form 1099-K if certain threshold requirements are met. For the year 2013, if your business or individual transactions exceeded $20,000 in gross payments or involved more than 200 separate transactions, you are generally required to fill out Form 1099-K.
3. Reporting purposes: Form 1099-K is essential for accurate reporting of electronic payments made to recipients during the tax year. It helps the IRS identify potentially unreported income and ensures proper taxation.

Remember, it is always recommended to consult a tax professional or refer to the IRS guidelines for specific instructions based on your unique circumstances.

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