IRS Form 1099-K is a form used by the Internal Revenue Service to report certain transactions to improve voluntary tax payments and compliance. The form originated in 2008 as part of the Housing Assistance Tax Act, even though the document has nothing to do with housing at all. A 1099-K is required for those who received payments:

• From payment card transactions (e.g., debit, credit or stored-value cards), and/or
• In settlement of third-party payment network transactions above the minimum reporting thresholds of –
  • gross payments that exceed $20,000, and
  • more than 200 such transactions

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