1099-K forms issued by Stripe
What is the 1099-K Form?
Every year, the United States IRS 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:
Account is based in the United States (Owners do not need to be US citizens.)
More than $20,000 USD in total gross volume
More than 200 charges
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.
Information Included On A 1099-K
|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.
If you’d like to update your address, please do so before January 21st from your account settings.
|PSE’S name and telephone number||Contact information for Stripe|
|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) 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 includes your complete identification number.
If your information needs to be updated, we probably already reached out to you to verify your information; however, you can also email us if you’d like to make a change.
|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|
Massachusetts and Vermont Accounts
Massachusetts and Vermont recently changed their 1099-K requirements for the 2018 tax year. Stripe will provide a 1099-K form to accounts based in Massachusetts or Vermont who have $600 USD or more in total gross volume. All 1099-Ks that meet the IRS reporting threshold of $20,000 USD in total gross volume and 200 charges will be filed with the IRS. Any 1099-Ks with gross amounts below the IRS’s $20,000 threshold, that were delivered due to the change in state requirements, will only be filed with Massachusetts and Vermont. Learn more about these recent changes by visiting the taxing authority websites for Massachusetts and Vermont.
Received a 1099-K as a Connect Platform
If you are a Connect platform looking for information on how 1099s are issued to managed accounts, see: Payable 1099 Tax Integration for Connect Platforms with Express and Custom Accounts.
When 1099-K Forms are Issued
If your business qualifies for a 1099-K, your 1099-K for the previous calendar year will be available to download from your Dashboard prior to January 31. We will also notify you via email when the form is available.
Export a copy of your 1099-K Form(s)
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 by no later than January 24.
“Total Gross Volume” on 1099-K Form
“Total gross volume” is a calculation of the total of all charges you processed through Stripe for the year, including:
Stripe processing and conversion fees
These additional fees, refunds, and adjustments are not deducted from your total charges when calculating your gross volume and reporting to the IRS.
Breakdown of Transactions Applied to 1099-K
To see charges included on your 1099-K:
Log into your Stripe account.
Navigate to your Dashboard balances page.
In the upper-right corner of your screen, select Export.
After the download has finished, open the resulting .csv file in your spreadsheet viewer of choice (such as Microsoft Excel, Google Docs, or Apple Numbers).
Exclude any transactions that were not ‘Available On’ during the year you are trying to reconcile. Check the Available On column to identify these transactions.
This filtered list will provide a complete summary of all transactions that contributed towards the totals displayed in your 1099-K. Check the ‘Amount’ column for these totals.
If you have accepted any non-credit card payments during the year, such as ACH payments or transfers from another Stripe account, you will need to access these payments separately.
If you find your payments export is taking too long to process, you can always contact us to request this information directly.
1099-Ks from Stripe to Connect Custom and Express platforms will also include all transactions processed through their connected accounts.
Deducting Stripe Fees, Refunds, and Adjustments
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 balances page.
Exporting Data If You Did Not Receive a 1099-K
If you were not eligible for a 1099-K, you can still export the same information from your Dashboard using the steps above.
If You Processed Less Than $20K and Still Received a 1099-K
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 processing threshold. If you received a 1099-K and didn't expect to, it might be because:
You have two accounts with the same TIN; one meets the IRS threshold and one does not. Each will receive a 1099-K.
You have two accounts with the same TIN; neither are over the IRS threshold individually but, when combined, the threshold is met. Each will receive a 1099-K.
Your business is based in Massachusetts or Vermont. Massachusetts and Vermont recently changed their 1099-K reporting guidelines and now require 1099-Ks to be filed in these states for any accounts with at least $600 USD in gross volume.
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.
Additional Information for Non Profits
Stripe obligations are to issue 1099-K forms to all eligible US-based users who accept payments, independent of their business type. Even for tax-exempt entities, the 1099-K is for informational purposes only. We recommend to consult a tax advisor to learn more about this form and how you should use it.
Useful Links for Sole Proprietors
Payable, now part of Stripe, also has 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: