1099-K forms: Updates, Corrections and Splits

This article pertains to Stripe Direct or Standard Connect users.

If you are a platform managing 1099 tax forms for your connected accounts, visit our Stripe Docs.

If you are an Express or Custom connected account, visit the Express Support Site.

Stripe delivers 1099-K forms directly in your Dashboard by January 31. These tax forms are filed with the IRS and various state taxing authorities between January to April, per filing requirements.

How to update or correct a 1099-K in the Dashboard

  1. Log into your Stripe account and navigate to Settings > Documents panel or click here.
  2. Click Update Info button at the right side of the tax form to update the taxpayer details used for the 1099 form.

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  1. If your 1099 form has not yet been filed, you will be prompted to make an update to your 1099-K tax details that will be applied to the 1099-K tax form.
  2. If your 1099 form has already been filed, you will be prompted to make a correction to your 1099-K tax details.
  3. Update all the necessary information. Only the Name, Address and TIN related to the form can be updated or corrected.
    • If the form was updated before filing, you will only see one form in your Dashboard with the new details.
    • If the form was corrected after filing, two new forms will appear in your Dashboard.
  4. Once you submit the information in the Dashboard, Stripe will e-file those corrections or updates with the IRS and state tax authorities using an automated system. Please allow at least one calendar week for your corrections to be processed.

Note: If the address or TIN format entered is incorrect, the IRS will most likely reject the new submission. Contact Stripe Support for assistance if this occurs.

What can be updated on a 1099 tax form?

Only the Name, Address and TIN (SSN or EIN) can be updated on a 1099 tax form. Stripe is required to report total gross volume; thus, Stripe cannot change amounts on 1099 forms. Per IRS regulations, both full and partial refunds are not deducted from the gross volume .

If there are concerns about the amounts that appear on your 1099 tax form, you can reconcile the amounts and transactions which contributed to the 1099 tax form total.

Stripe cannot directly assist in this process; consult your accountant or tax advisor for help. Learn how to calculate fees, refunds and adjustments.

1099 Splits

A split 1099 tax form allows apportioning the reported volume between two or more legal entities for the same tax year. This cannot be done before filing and can only be completed once a 1099 has been filed with the IRS, typically near the end of March.

To split a 1099 tax form, contact Stripe Support for assistance after 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), you may need to update the business type on your account. The business type selected during account set up affects the tax reporting process.

Individual business types (e.g., Sole Proprietorship) 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).

For further details on how business types and structures impact 1099 tax reporting, see this article.

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Correcting your tax form does not change your business type or structure. Similarly, updating your business type or structure in the Settings > Tax Details section in the Dashboard will not automatically correct tax forms if they have already been filed.

Why are there so many copies of my tax form after submitting a correction?

The 1099 corrections process involves filing multiple 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.

Stripe cannot zero out or nullify a tax form without having a new legal entity to attribute the volume to. Stripe is required by federal law to report all eligible processing volume.

Updates

Any changes made to taxpayer details used for the 1099 form (e.g., Name, Address, TIN) before filing, are considered updates. This includes changes made directly to the forms via your dashboard, or 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.

Corrections

After filing with federal and/or state tax authorities, changes to taxpayer details for 1099 forms will require a correction. Any updates made to your taxpayer details on your account will not automatically correct your tax forms after filing.

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.