To learn more about the 1099-K tax form, go to the IRS website.
In the US, Adyen is required to file a 1099-K tax form with the Internal Revenue Service (IRS) for any US-based user to which Adyen pays out directly. Some states require filing of 1099-K forms as well.
For 2023, Adyen is required to file 1099-K forms for all US-based users with a gross processed volume at or above the federal threshold of USD 600 per calendar year with any number of transactions.
Note that this threshold is lower than previous years, when the threshold was a gross processed volume of USD 20,000 and a minimum of 200 payments per calendar year.
Adyen follows the IRS requirements for reporting gross processed volume prior to deduction of fees, chargebacks, and refunds.
Download tax forms for your users
You can download 1099-K tax forms in PDF format and distribute them to your users when they become available in your Balance Platform Customer Area.
Adyen makes 1099-K tax forms available the third week of January for the previous tax year. For example, 1099-K forms for 2023 are available in January 2024.
To download a tax form for a user:
- In your Balance Platform Customer Area, go to Accounts & balances > Account holders.
- Select an Account holder ID from your list of account holders.
- On the Overview tab, under Account overview, select Download tax form.
Adyen only generates a 1099-K tax form for user accounts that meet the volume or transaction threshold. If your user does not meet the threshold, no tax form is available.