Please note: This article pertains to Stripe Direct or Standard Connect users.
- If you are a platform that is 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.

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Timeline – updates vs corrections

Stripe delivers 1099-K forms directly to your Dashboard by 31 January. These tax forms will be filed with the IRS and various state taxing authorities, as per the filing requirements. This will take place from January to April.

Any changes made to the taxpayer details used for the 1099 form before filing, such as the name, address or 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 on your account during this time to the name, address or TIN will be automatically updated on your pending 1099 tax forms. Updates can typically be made until March.

After a form has been filed to federal and/or state tax authorities, any changes made 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 be corrected automatically on your tax forms.

How does filing 1099 corrections work?

Once you've submitted your correction request via the Dashboard, Stripe will e-file those corrections with the IRS and state tax 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.

How to request an update or correction to a Stripe-issued 1099-K form from the Dashboard.

You can request an update or correction to a 1099-K form directly from your Dashboard:

1. Log in to your Stripe account > Settings > Documents panel or click here.
2. To request an update or correction, click on the "Update info" button at the right side of the tax form to update the taxpayer details used for the 1099 form.

3. If your 1099 form has not yet been filed, you will be prompted to update your 1099-K tax details, which will then be applied to your 1099-K tax form.

4. If your 1099 form has already been filed, you will be prompted to correct your 1099-K tax details, which will then be applied to your 1099-K tax form.

5. Update all the necessary information. We can only correct the name, address and TIN related to the form in question.

• If the form was updated prior to filing, you will only see one form in your Dashboard, with the new details.
• If the form was corrected (post filing) you will see two new forms in 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 contact Stripe Support for assistance if this happens.

What can be updated on a 1099 tax form?

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. (Refunds are of particular note – neither full or partial refunds are ever deducted from the total gross volume amount, as per IRS regulations.)

If you have any concerns about the amounts which appear on your 1099 tax form, you can see how to reconcile the amounts to find out which transactions qualified towards the 1099 total displayed.

You can also learn how to calculate fees, refunds and adjustments. Please note that Stripe cannot provide direct assistance in this process and you will need to work with your accountant or tax advisor.

1099 splits

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 contact Stripe Support for assistance once your form has been filed.

My 1099 was issued to the wrong entity type. How do I change it?

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 proprietor) 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 affect 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.)

To update your business type, please contact Stripe Support for assistance.

Why are there so many copies after submitting a correction?

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.

• The original 1099-K form
• The middle or ‘zeroed' form (this nullifies the volume attributed to the original entity)
• The final ‘corrected' form (this attributes the volume to a new legal entity)

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 if you have any questions or concerns related to tax reporting.