Discrepancies in 1099-Ks

1099-Ks, taxes, convienences fees, returns

Crystal Abing avatar
Written by Crystal Abing
Updated over a week ago

1099-K Forms report on the total gross payment amount processed through Propay, including rent payments, returns, convenience fees, and any deposits. This should not be used as a source to report on or determine actual income.

If you are noticing discrepancies in the amounts reported on the 1099-K, convenience fees, returns, etc, please refer to this message from Propay:

Merchants should use your own records to file your taxes and not be reliant on their 1099k form. As the 1099-K form reports GROSS sales, you should be using your business records to account for fees paid for processing, refunds processed, etc. You do not NEED the 1099-K form to file your taxes. We provide it simply because we are required to report those sales to the IRS.

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