Please Note: This article pertains to Stripe Direct or Standard Connect users.
- 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.
Stripe delivers 1099-K forms directly to your dashboard by January 31. These tax forms will be filed with the IRS and various State taxing authorities, per filing requirements, throughout January to April.
Prior to filing, any changes made to taxpayer details used for the 1099 form (e.g., Name, Address, TIN) will be considered an Update. This applies to changes made directly to the forms via your dashboard, or to updates made to your account’s legal entity. Any updates made to Name, Address, or TIN on your account during this time will automatically update your pending 1099 tax forms. Updates can typically be made until March.
Post filing, to Federal and/or State taxing authorities, any changes to taxpayer details used for 1099 forms will need to undergo a Corrections process. This also means that any updates made to your taxpayer details on your account will not automatically correct your tax forms.
Once you submit your correction request via the Dashboard, Stripe will e-file those corrections with the IRS and State taxing authorities via an automated system. Please allow at least one calendar week for your corrections to be processed. Please see below for how to request a correction.
You can request an update or correction of a 1099-K form directly from your Dashboard:
Please note that if the address or TIN format entered is incorrect, the IRS will most likely reject the new submission. Feel free to reach out to Stripe Support for assistance if this happens.
Only Name, Address and TIN (whether SSN or EIN) can be updated on a 1099 tax form in the Settings > Documents section of the dashboard. As Stripe is required to report total gross volume, we are unable to update amounts on 1099 forms. Please see the previous link to learn more about our gross volume calculation method. (Of particular note is refunds—both full and partial refunds are never deducted from the total gross volume amount per IRS regulations.)
If you have concerns about the amounts which appear on your 1099 tax form, you can see how to reconcile the amounts to learn which transactions qualified towards your displayed 1099 total.
You can also learn how to calculate fees, refunds and adjustments. Please note that Stripe cannot directly assist in this process and you will need to work with your accountant or tax advisor.
Splitting a 1099 tax form means apportioning the reported volume between two or more legal entities for the same tax year. This cannot be done prior to filing and can only be completed after a 1099 has been filed with the IRS near the end of March.
If you need to split a 1099 tax form, please reach out to Stripe support for assistance once your form has been filed.
If your 1099 was issued to your personal SSN instead of your business EIN (or vice versa) then you may need to update the business type on your account. The business type you select when setting up your account has implications for the tax reporting process.
Individual business types (e.g., Sole Prop) will always issue 1099 tax forms to the primary account representative credentials (Name + SSN).
Company business types (e.g., Corporation, Non Profit, etc.) will always issue 1099 tax forms to the business legal entity (LE Name + EIN).
Please see this article for more details on how different business types and structures impact 1099 tax reporting.
Please note, that simply correcting your tax form will not update your business type and/or structure. Similarly, updating your business type and/or structure in your Settings > Tax Details section of the dashboard will not automatically correct your tax forms (if they’ve already been filed.)
In order to update your business type, please reach out to Stripe Support for assistance.
The 1099 corrections process functions by filing several sequential forms with the IRS. In your documents panel, you will see three forms for each tax year in which you’ve filed a correction.
Please note that Stripe cannot ‘zero correct’ or nullify a tax form without having a new legal entity to attribute the volume to. This is because we are required by federal law to report all eligible processing volume.
This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting.