When and Where Do I Get My 1099K Form?
If you use TheraNest to process Credit Card Payments, you may qualify for a 1099K form.
Vantage will mail the 1099K forms on or prior to Jan 31, 2022. If you believe you qualified for a 1099K but you haven't received your 1099K yet, it is possible that it is still in the mail.
If you still haven't received your 1099K by February 15, 2022, please let us know so that we can open a support request with Vantage to check on the status.
How Do I Qualify to Receive a 1099K?
You will receive a 1099 from Vantage if your Merchant Account or Tax ID:
- exceeds $20,000
- 200 transactions.
If the threshold is not exceeded, they won’t be issuing a 1099K (unless the IRS changes the threshold in the future).
NOTE: If any any changes were made to your EIN (i.e. sole prop vs LLC), or business details you need to update this information in your Setup Credit Card Payment to avoid any discrepancies or delays on their 1099.
For more information: IRS.gov - General FAQs on Payment Card and Third Party Network Transactions.
What if I Don't Qualify for a 1099K Based on IRS Rules?
You can use your credit card charges report to see the total number of transactions and total transaction dollar volume for the tax year. You can export that report to share with your accountant.