How should landlords update their SSN/ IEN number on their 1099-K?
Send a filled out W9 with the corrected information to RentRedi and RentRedi will send it to Propay's client support with the appropriate ProPay account number to get this updated on both the account and the 2024 1099-K.
How do I update my address for 1099-K?
Send a filled out W9 with the corrected information to RentRedi and RentRedi will send it to Propay's client support with the appropriate ProPay account number to get this updated on both the account and the 2024 1099-K.
How long will it take to get my updated 1099-K after requesting a change?
Once the correction for the 1099-K has been submitted please allow 4-6 weeks for the updated version to be redelivered.
Incorrect Amount on my 1099-K form
If an amount is questioned, Propay can provide a report of transactions that sum the volume totals presented. Historically, displaying the transactions would help you reconcile. Keep in mind, 1099-K's report on the total gross payment amount processed through Propay, including rent payments, returns, convenience fees, and any deposits.
How to update the name on the 1099-K form? (E.g., John Doe to Business Name)
Send a filled out W9 with the corrected information to RentRedi and RentRedi will send it to Propay's client support with the appropriate ProPay account number to get this updated on both the account and the 2024 1099-K.
Why is the security deposit counting towards collected income?
All processed volume is presented on the 1099-K, including security deposits. Landlords will need to work with their tax professionals to have these security deposits deducted when they file
How will merchants receive 1099-K forms?
Direct mail from ProPay. Digital copies will be provided on request for corrected, missing or updated 1099-Ks.
When will the 1099-K forms be sent?
Prior to Jan 31 each year.
To which address will the 1099-K forms be sent?
To the validated home address on file, typically your principal’s home address for SSIN-validated accounts, or the business address for EIN-validated accounts.
Why did I get two 1099-K forms?
Credit card processing and ACH volumes are reported separately. If you qualify for both forms of payment, you may receive two forms. There will be a checkbox on the the 1099-K indicating if it's a credit card (Payment card) or ACH (third party network).
How are the totals calculated?
Volumes include all settled/completed credit card transactions or ACH transactions.
Credit Card processing is summed as Payment Card volume. ACH volume is reported as ‘3rd Party Processing’. From tax year 2021 forward, volumes will no longer include Spendback and SplitPay volume.
Why is the reported total gross payment amount higher than what I collected in rent?
It is required by law for Propay to report the total gross amount of payments processed. Your business can deduct the full cost of merchant fees (convenience fees) on a Schedule C.
These tax deductions do not directly affect your company’s total tax bill. Instead, this tax deduction is subtracted from your gross earnings, which allows you to pay taxes on less than the gross processed amount. This is referenced in this help center article.
How long do I have to correct invalid data?
For the current year, data may be corrected up until Dec 31 without requiring you to contact ProPay. To correct information on 1099-K forms for the prior year, merchants may submit corrections through June. After June the year following the tax year, you will need to work directly with the IRS
What if the 1099-K and data were reported to the IRS on the wrong Tax ID?
Send a filled out W9 with the corrected information to RentRedi and RentRedi will send it to Propay's client support with the appropriate ProPay account number to get this updated on both the account and the 2024 1099K.
How long will it take to receive a corrected or updated copy of a 1099-K?
Processing requests for new forms may take up to 4-6 weeks.
How can I get further help?
You can continue to work with RentRedi to request help with 1099-Ks