Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Work smarter and get more done with advanced tools that save you time. Discover QuickBooks Online Advanced.

Reply to message

View discussion in a popup

Replying to:
valprice1
Level 6

Reply to message

@SMARCHER62 The credit card company has all of that information because the contractor cannot accept credit card payments without providing it.  Please refer to the IRS instructions for 1099.

https://www.irs.gov/pub/irs-pdf/i1099mec.pdf   Page 3-"Form 1099-K. Payments made with a credit card or payment card and certain other types of payments, including third-party network transactions, must be reported on Form 099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-MISC.  See the separate Instructions for Form 1099-K."

If you report these payments, they will be double-reported.

Need to get in touch?

Contact us