Will I get a 1099?

PocketSuite makes it easy to get the data you need for tax filing purposes with our 1099-K Tax Form export feature. This feature is available to every business owner who processed at least one payment on PocketSuite in 2023. 

Note: If you meet specific eligibility requirements, PocketSuite will automatically e-file your 1099-K and a copy of that 1099-K will be available for you to export in the app. If you do not meet the requirements to have your tax return filed by PocketSuite, you can still access a draft 1099-K in the app. 

In this article: 

Export your 1099-K on mobile

To get started, go to Settings > Tax Forms. 

Here, you’ll be able to send your 1099-K form directly to your email address. Hit Send. Note: If you want to send your 1099-K to a different email address, update the email on your profile by going to Settings > Profile > Email > Update Email Address > Save. 

 

And you’re all set! Your 1099-K form will be sent to your inbox. If you don’t see it in your inbox, be sure to check your spam or junk folder.

 

Export your 1099-K on a desktop

To get started on the desktop app, go to Settings > Send Tax Form.

 

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Here, you’ll be able to send your 1099-K form directly to your email address. Hit Send. Note: If you want to send your 1099-K to a different email address, update the email on your profile by going to Settings > Profile > Email > Update Email Address > Save.

 

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To learn more about this feature, read our frequently asked questions below. If you don’t see the answer to your question below, feel free to reach out to our customer support team in the app.

 

F.A.Qs

  1. Where can I access my 2023 1099-K?
    If you received a payment through PocketSuite in 2023, you can access your 1099-K for 2023, by logging into the app and going to Settings > Tax Forms.  (If you're on the desktop app, go to Settings>Send tax form.) Here, you’ll be able to send your 1099-K form directly to your email address.

    If you want to send your 1099-K to a different email address, update the email on your profile by going to Settings > Profile > Email > Update Email Address > Save.  And you’re all set! Your 1099-K form will be sent to your inbox.  If you don’t see it in your inbox, be sure to check your spam or junk folder.
  1. Will PocketSuite file my 2023 1099-K?
    PocketSuite will file a 1099-K with the IRS and applicable state agencies for all accounts that meet the minimum threshold for mandatory reporting. As such, PocketSuite will file a 1099-K with the IRS for all accounts whose gross payments exceeded $20,000, and had more than 200 transactions in 2023.

    A few states have lower requirements for 1099-Ks to be filed. Maryland, Massachusetts, Montana, North Carolina, Vermont, Virginia, and the District of Columbia require 1099-Ks for accounts receiving more than $600. Arkansas ($2,500), Illinois ($1,000 and 4 transactions), and New Jersey ($1,000) also have lower requirements for mandatory filing. PocketSuite files 1099-Ks for accounts exceeding their state threshold for mandatory filing and for those that exceed the IRS threshold. 

  2. Why does my 1099-K say Draft, Do Not Use to File Taxes. Will I get a non-draft one?
    For accounts that did not meet the threshold required by the IRS or applicable state for mandatory reporting, the 1099-K forms will be marked as drafts that are not to be filed with your tax return. 1099-Ks were not filed by PocketSuite with tax authorities for such accounts, and you are not required to include the form with your tax return. Nonetheless, the information can be useful for properly reporting your income information on your return.

  3. Why is the income on my 1099-K different from the income reported in the app?
    The income reported on the form is your gross income for payments received through the PocketSuite platform according to IRS reporting requirements - without adjustments for processing fees, refunds, disputes, or any other changes. The IRS requires income reported on the 1099-K to be on a gross basis.

    The form does not include any income from payments received from other platforms (e.g., items marked paid in the app after receiving cash or funds from other apps).

    Please consult your tax professional to determine how to account for any adjustments to income you would like to claim when you file your taxes.
                
  4. Can I access my 1099-K data export from the PocketSuite desktop app?
    Yes, you can export your 1099-K from the desktop or mobile apps from the Settings menu.

  5. How can I change the email to which PocketSuite sends my 1099-K?
    If you want to send your 1099-K to a different email address, update the email on your profile by going to Settings > Profile > Email > Update Email Address > Save.

  6. Can I change the Tax ID information on my 2023 1099-K?
    Yes, if your tax ID is incorrect, reach out to PocketSuite Support via the app or by email to support@pocketsuite.io to request a change. For sole proprietorships or single-member LLCs your Social Security Number (SSN) may suffice instead of your Employer Identification Number (EIN). Consult a tax professional for advice on whether a change to your Tax ID is needed.

  7. Can I change the address information on my 2023 1099-K?
    The IRS understands that your address can change at any time. Tax authorities would use the address information on your actual tax return to send communication to you, and not the address on your 1099-K. Address changes for your 1099-K will only be made if your corrected address is in an entirely different state, resulting in a different tax treatment. Otherwise, we can update your address for future tax years, but will not issue a new 1099-K with an updated address.

  8. What is the eligibility threshold for PocketSuite to file my 1099-K?
    PocketSuite will file a 1099-K with the IRS for all accounts whose gross payments exceed $20,000, and had more than 200 transactions in 2023. Also, 1099-Ks will be filed for accounts in the following states exceeding the stated gross payment volume below:

    1. Maryland, Massachusetts, Montana, North Carolina, Vermont, Virginia, and the District of Columbia -  $600
    2. Arkansas - $2,500 
    3. Illinois - $1,000 and 4 transactions
    4. New Jersey - $1,000

  9. Where can I access my 1099-K from years before 2023?
    For qualifying accounts, 1099-K for years before 2023 were sent by email each year. You can request a copy by sending an email to support@pocketsuite.io from the email address in your PocketSuite profile.

  10. It says no 1099-K available for 2023, but I did receive client payments in 2023. What should I do?
    If you believe you should receive a 1099-K for 2023 and there is none available for you to export, please send an email inquiry to support@pocketsuite.io from the email address in your PocketSuite profile.

  11. Can my team member(s) also export their 1099-K for 2023?
    No, PocketSuite does not issue 1099-Ks for team member accounts. Account owners are responsible for issuing applicable 1099s to their employees or contractors.

  12. I don't currently have access to my PocketSuite account. Is there another way that I can access my 2023 1099-K?
    You can request a copy by sending an email to support@pocketsuite.io from the last email address that was in your PocketSuite profile.

 

Note: If you need to get financial information but don't qualify for the 1099, head to Settings > Export. You can export your entire payment history, or you can request a data export by messaging us in the app. 

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