The United States IRS requires us to annually submit a 1099-K for certain MONEI accounts. These accounts meet all of the following criteria:
-Your account is based in the US (regardless of whether or not you are a US citizen)
-Your total gross volume equals or exceeds $20,000 USD
-There are more than 200 charges
The 1099-K form is purely informational and summarizes your sales activity throughout the year. This is provided to the IRS and to you and will help you complete your taxes.
What information is included in my 1099-K?
Following is a brief description of the information that will appear on your 1099-K form. Further assistance and clarification can be found at IRS.gov.
[Label Box # Description
Filer’s name, address, and telephone number -- Your contact information
Payee’s name, address, and telephone number -- This is your business or organization’s contact information as it was provided to MONEI. You are able to update your address, but please do so before January 21st. This can be done in your account settings.
PSE’S name and telephone number -- Contact information
Account number -- Your MONEI account number
Filer’s federal identification number -- MONEI’s identification with the US government
Payee’s taxpayer identification number -- This can be the Employer Identification Number (EIN) or the Social Security Number (SSN) that was provided to MONEI. It’s possible the form that we send to you will show only the last four digits, for your privacy and protection. The copies that are sent to the IRS, however, will include your complete identification number.We will most likely reach out to you if your information needs to be updated.If you’d like to make a change, you can email us.
Gross amount of payment card/third party network transactions -- 1a -- This is the total gross volume of charges that you’ve made with us over the calendar year
Card Not Present transactions -- 1b --This is the total gross volume of charges made without the card present at the time of the transaction.
Merchant category code -- 2 -- This is your business or organization’s merchant category code.
Number of payment transactions -- 3 -- The number of charges that you’ve made with us during the calendar year.
Federal income tax withheld -- 4 -- Backup withholding from your MONEI payments.
5a-5l -- This is the total gross volume of charges that you’ve made with us for each month of the calendar year
State -- 6 -- The state in which your income tax has been withheld
State identification number -- 7 -- Your identification number that is used for your state income tax withholding
State income tax withheld -- 8 -- State and local income tax withheld from the payments
How and when do I get my 1099-K?
Your 1099-K for the previous calendar year will be available for download on January 24, 2017, if your business qualifies. We will alert you via email when it’s ready for download.
Downloading your 1099-K
-Go to “business settings” in your dashboard
From here, you’ll have the option to download your 1099-K.
Mailing your 1099-K
If you let us know by January 19, we can mail you a physical copy of your 1099-K to your latest address. If you need to update your address, please do so no later than January 19.
What is “Total Gross Volume”?
We calculate the “total gross volume” from all of your charges throughout the year, including
-Processing and conversion fees
When calculating your gross volume to report to the IRS, additional fees, refunds, and adjustments aren’t deducted.
Which transactions counted towards your 1099-K
You can see the transactional breakdown of your 1099-K on your balances page. Select the “export” option, and open the resulting .csv file. This will have the complete per-transaction breakdown of the totals in your 1099-K.
If you accepted non-credit card payments over the last year, you will have to access this information separately. You can find them here [link].
Deducting fees, refunds, and adjustments
All the data you or your accountant need to calculate your deductions for fees, refunds, and adjustments can be found here [link] on your dashboard.
Exporting data if you didn’t get a 1099-K
If you didn’t surpass 200 charges and $20,000 in sales last year, you aren’t eligible for a 1099-K. However, you can still access this information. Export it exactly the same way you would if you had received a 1099-K, as outlined earlier in this article.
I received a 1099-K, but my account processed less than the IRS reporting threshold.
MONEI will provide a 1099-K to each unique tax ID number (TIN) that meets the IRS reporting threshold. These TIN include a Social Security Number (SSN) or Employee Identification Number (EIN). It’s possible to still receive a 1099-K if an account does not reach the threshold if:
-You have multiple accounts associated with the same TIN and one does reach the IRS reporting threshold. In this case, you will receive a 1099-K for all your accounts.
-You have two accounts with the same TIN and neither reach the threshold, but combined they exceed the reporting threshold. In this case, you’ll receive a 1099-K for each account.
If you believe you’ve received a 1099-K in error, please contact us.