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1099-K timing for reporting card purchases
January 12, 2023
Q. Our university has a card program that allows students and employees to load cash onto the card and then use the cash to purchase items at the bookstore and/or food vendors. All the card transactions for a single month are summed and counted and payment is issued from the university to the vendor the following month.
If card transactions/swipes occurred in January, but the payment to the vendor doesn’t occur until February, should this amount be recorded in the 1099-K box 5a for January or…
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