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Link to original content: https://support.stripe.com/questions/1099-k-forms-issued-by-stripe
Please Note: This article pertains to Stripe Direct or Standard Connect users.
-Stripe is required to report total gross volume, we are unable to update amounts on 1099 forms
- If you are a platform working on 1099 tax forms for your connected accounts, please visit the Stripe Docs site.
- If you are an Express/Custom connected account, please visit the Express Support Site.
NOTE - prior to calendar year 2024, the 1099-K threshold applied to accounts based in the U.S. and having $20,000 USD in total gross volume and 200 transactions.
Every year, the United States’ IRS and certain states requires that Stripe provide a form called a 1099-K for each Stripe account that meets all of the following criteria in the previous calendar year:
OR
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states.
For more help understanding your 1099-K, go to IRS.gov. You can also download a blank example of the 1099-K form here.
Label |
Box number |
Description |
Filer’s name, address, and telephone number |
Contact information for Stripe |
|
Payee’s name, address, and telephone number |
This is the contact information for your business or organization as it was provided to Stripe. |
|
PSE’S name and telephone number |
(Blank) |
|
Account number |
Your Stripe account number |
|
Filer’s federal identification number |
Stripe’s identification with the US government |
|
Payee’s taxpayer identification number |
This is either your Employer Identification Number (EIN) or Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) as it was provided to Stripe. For your protection, the form that we send to you may show only the last four digits. However, the copies that are sent to the IRS and state tax boards include your complete identification number. |
|
Gross amount of payment card/third party network transactions |
1a |
The total gross volume of charges that you’ve made with Stripe in the calendar year |
Card Not Present transactions |
1b |
The total gross volume of charges that were made without the card present at the time of the transaction. |
Merchant category code |
2 |
The merchant category code for your business or organization |
Number of payment transactions |
3 |
The number of charges that you’ve made with Stripe in the calendar year |
Federal income tax withheld |
4 |
Backup withholding from your Stripe payments. |
5a-5l |
The total gross volume of charges that you’ve made with Stripe for each month of the calendar year |
|
State |
6 |
The state in which your income tax has been withheld |
State identification number |
7 |
Your identification number that is used for your state income tax withholding |
State income tax withheld |
8 |
State and local income tax withheld from the payments |
1099-Ks from Stripe to Connect Custom and Express platforms will also include all transactions processed through their connected accounts.
Per IRC §6050W, Stripe is obligated to send a 1099-K to our respective payee in the fund flow chain. Based on the custom/express setup, Stripe’s obligation to send a 1099-K is to report the full volume to the US platform (our customer/recipient in the chain).
Please note, a 1099-K is only informational in nature, not a statement of revenue/income, and should NOT result in any additional tax being owed. The lower true earned income amount should be reflected on your personal/corporate income tax return. Income tax returns allow you to indicate adjustments, expenses, and other deductions (e.g. amounts passed on to connected accounts) that should reduce the initial gross receipts/income amount.
You can use the steps included in the article below to determine the amounts passed on to connected accounts.
If you are a Connect platform looking for information on how 1099s should be issued to managed accounts, see: U.S. tax reporting for Connect platforms.
If your business qualifies for a 1099-K, your 1099-K for the previous calendar year will be available to download from the Documents section of the Dashboard prior to January 31. We will also notify the account admins via email when the form is available.
You can export your 1099-K forms from the Documents section of the Dashboard.
From there, you will have the option to download any available 1099-K PDF that we have prepared for you.
If you no longer have access to your Stripe account, Stripe will mail the 1099-K using the latest address information that you’ve provided.
“Total gross volume” is a calculation of the total of all charges you processed through Stripe for the year, including:
These additional fees, refunds, and adjustments are not deducted from your total charges when calculating your gross volume and reporting to the IRS.
For tax year 2024 and later, you can use the Stripe Dashboard to export the transaction log of each 1099 form. A transaction log lists the Stripe transactions that have contributed to a form’s total. This log allows you to audit transaction discrepancies and answer questions which transactions Stripe includes in their tax forms. For a detailed step by step guide, check out: 1099-K forms issued by Stripe - Reconciliation Report
Note: Only accounts with Administrator access can use this functionality.
To reconcile your 1099-K form for all tax years prior to 2024, please contact support to get the reconciliation report for your 1099-K form for a given tax year.
available_on date of the balance transaction associated with the payment to determine which tax year the transaction belongs to. The available_on date represents the date the funds become available in the Stripe account. If your accountant needs to calculate your potential deductions for Stripe fees, refunds, and adjustments, this can be accessed through your Dashboard:
To calculate any disputes lost during the fiscal year, see your payments disputes page.
If you were not eligible for a 1099-K, you can still export the same information from your Dashboard using the steps above.
Stripe provides a 1099-K form for each unique tax identification number (TIN), such as a Social Security Number (SSN) or Employer Identification Number (EIN), that meets the IRS or state processing threshold. If you received a 1099-K and didn't expect to, it might be because:
If you received a 1099-K and still do not believe you should have, we recommend going over the steps outlined in the reconciliation section of this article.
If your 1099-K includes incorrect tax details, you can update these details from the Documents section of the Dashboard.
Please see our article on 1099-K Updates, Corrections and Splits for detailed instructions and helpful context.
Please note: If you need to split the volume of your already generated 1099-K form, you will need to Contact Stripe Support.
For guidelines by business type, we recommend going over the tax ID verification guidelines support article.
Stripe's obligations are to issue 1099-K forms to all eligible US-based users who accept payments, independent of their business type or activity. Even for tax-exempt activities, which may potentially include the acceptance of donations, Stripe is obligated to issue a 1099-K form. The 1099-K is for informational purposes only. We recommend consulting a tax advisor to learn more about this form and how you should use it.
If you suspect identity theft related to a 1099-K, please adhere to the steps outlined in the support article.
Below you can find further information regarding what to consider when receiving your 1099-K if you are a sole prop. We recommend talking with your tax advisors when preparing your tax forms, but here are some links that you might find useful: