Form 1099-K, Payment Card and Third Party Networks

The Form 1099-K, Payment Card and Third Party Network Transactions skill extracts data from Forms 1099-K, which are used to report payments and transactions from payment settlement entities (PSE), that is online platforms, applications or payment card processors. The Form 1099-K, Payment Card and Third Party Network Transactions skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Forms 1099-K. For production use, you may need to uptrain the skill with your own document samples. This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Basic Form Information

Field	Description
Void	Indicates whether the form should be annulled.
Corrected	Indicates whether the form is being submitted to correct data provided earlier.
Year	The reporting calendar year.

Filer Details

Field	Description
Name	The name, address, and phone number of the filer.
Street	The name, address, and phone number of the filer.
City	The name, address, and phone number of the filer.
State	The name, address, and phone number of the filer.
ZIP Code	The name, address, and phone number of the filer.
Country	The name, address, and phone number of the filer.
Phone	The name, address, and phone number of the filer.

Tax Identification Numbers

Field	Description
Filer’s TIN	The tax identification number assigned to the filer.
Payee’s TIN	The tax identification number assigned to the payee.

Payee Details

Field	Description
Name	The name and address of the payment recipient.
Street	The name and address of the payment recipient.
City	The name and address of the payment recipient.
State	The name and address of the payment recipient.
ZIP Code	The name and address of the payment recipient.
Country	The name and address of the payment recipient.

Filer Classification

Field	Description
Payment Settlement Entity (PSE)	Indicates whether the filer is a payment settlement entity (PSE).
Electronic Payment Facilitator (EPF) or Other Third Party	Indicates whether the filer is an electronic payment facilitator (EPF) or other third party.

Transaction Type

Field	Description
Payment Card	Indicates whether the transactions being reported for the payee were made through payment card transactions.
Third Party Network	Indicates whether the transactions being reported for the payee were made through a third-party network.

PSE Details

Field	Description
Name	The name of the payment settlement entity (PSE).
Phone	The phone of the payment settlement entity (PSE).

Account and Transaction Information

Field	Description
Account Number	The unique number used by the taxpayer to identify the payment recipient.
Gross Amount of Payment Card or Third Party Network Transactions	The total amount of all reportable payment card and third party network transactions for the calendar year.
Card Not Present Transactions	The gross amount of all reportable payment card and third-party network transactions for the calendar year where either the card was not present at the time of the transaction or the card number was keyed into the terminal.
Merchant Category Code	The four-digit merchant category code (MCC) used by the payment card industry to classify the payee for the payment card transactions reported on this form.
Number of Payment Transactions	The number of payment transactions (not including refund transactions) processed through the payment card or third-party payer network.
Federal Income Tax Withheld	The total amount withheld as federal income tax.

Monthly Transaction Breakdown

Month	Description
January	The gross amount of all reportable payment transactions for each month of the calendar year.
February	The gross amount of all reportable payment transactions for each month of the calendar year.
March	The gross amount of all reportable payment transactions for each month of the calendar year.
April	The gross amount of all reportable payment transactions for each month of the calendar year.
May	The gross amount of all reportable payment transactions for each month of the calendar year.
June	The gross amount of all reportable payment transactions for each month of the calendar year.
July	The gross amount of all reportable payment transactions for each month of the calendar year.
August	The gross amount of all reportable payment transactions for each month of the calendar year.
September	The gross amount of all reportable payment transactions for each month of the calendar year.
October	The gross amount of all reportable payment transactions for each month of the calendar year.
November	The gross amount of all reportable payment transactions for each month of the calendar year.
December	The gross amount of all reportable payment transactions for each month of the calendar year.

State Tax Information

Field	Description
State 1	State-specific payment information.
State 2	State-specific payment information.
State Identification Number 1	State-specific payment information.
State Identification Number 2	State-specific payment information.
State Tax Withheld 1	State-specific payment information.
State Tax Withheld 2	State-specific payment information.

Key Fields

Year
Filer Details/Name
Filer’s TIN
Payee’s TIN
Payee Details/Name
Account Number
Gross Amount of Payment Card or Third Party Network Transactions

Validation Rules

Rule	Description
Complete Form Year	Checks the value in the Year field. It removes any white spaces and converts a 2-digit year into a 4-digit format. If the last two digits are numeric and start with 9, it converts the value to the 1900’s (for example, 99 converts to 1999). Otherwise, it assumes the date is from the 2000’s (for example, 24 converts to 2024).

​Countries and Languages

​Extracted Fields

​Basic Form Information

​Filer Details

​Tax Identification Numbers

​Payee Details

​Filer Classification

​Transaction Type

​PSE Details

​Account and Transaction Information

​Monthly Transaction Breakdown

​State Tax Information

​Key Fields

​Validation Rules