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Stripe 1099-K Form
Stripe 1099-K Form

Discover the 1099-K form: what it is, who needs it, and how it helps nonprofits stay tax-compliant. A simple guide to cover the basics!

Tyler Kraeger avatar
Written by Tyler Kraeger
Updated over 3 weeks ago

The information provided in this article is for general educational purposes only and is not intended as professional advice. While every effort has been made to ensure the accuracy of the content, the author makes no representations or warranties regarding the completeness, accuracy, or applicability of the information contained herein. For specific advice related to your non-profit’s tax situation, including questions regarding 1099-K forms, it is strongly recommended that you consult with a qualified CPA or tax professional. The author assumes no liability for any errors, omissions, or actions taken based on the information provided in this article.

The 1099-K Form

The 1099-K form, officially titled "Payment Card and Third-Party Network Transactions," is an informational document used to report income received through payment card transactions (e.g., credit and debit cards) and third-party payment processors (e.g., Stripe, PayPal, Venmo). These payment processors issue a 1099-K to individuals, businesses, and organizations that meet specific thresholds.

In your case, Subsplash's payment processor, Stripe, will issue your organization a 1099-K if you meet the current year's threshold.

Who Should Receive a 1099-K

You should receive a 1099-K if:

  • You take direct payments by credit or debit cards for selling goods or services

  • You used a payment app or online marketplace

According to the IRS, as of 11/26/2024, third-party settlement organizations (like Stripe) must report transactions involving goods or services when total payments exceed $5,000 in 2024, $2,500 in 2025, and $600 annually starting in 2026 and beyond.

I Didn't Meet the Threshold but Still Received a 1099-K

You may receive a 1099-K form even if the account did not meet the yearly threshold for a few reasons:

  • Your TIN (see #2) is associated with two or more accounts and at least one account met the threshold; in this case, all accounts will receive a 1099-K.

  • Your TIN is associated with two or more accounts, none of which meet the threshold, but when combined, the threshold is met, all accounts will receive a 1099-K.

  • You have met your state's filing threshold. Some states may differ from federal requirements.

How do I Receive the Form

In order to receive an electronic version of Form 1099-K, the email from Stripe to your Giving Account Owner contains instructions on how to set up a Stripe Express account. After creating an account, you can view the tax information and consent to electronic delivery via Stripe Express. Please opt in no later than January 14, of the current year.

If you cannot locate the email, please ask Stripe to resend the Stripe Express Login Link.

If you do not consent to e-delivery by mid-January of the current year, Subsplash will automatically mail your 1099-K tax form to the address on file.

  1. After receiving the email from Stripe, click View 1099 Tax Form.

  2. You will be prompted to enter your email address; make sure to use the same email address from which you received the form link.

  3. Next, enter your phone number and proceed.

What to do with a 1099-K Form

First and foremost, present the form to your CPA for review. Here are a few basic points to help broaden your understanding and provide direction if further action is required.

  1. The 1099-K is used to help report your income to the IRS (speak to your CPA).

  2. Like any form or report, it's good practice to review its contents and verify the information is correct.

  3. The Payee TIN refers to the last four digits of your Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), Adoption Taxpayer Identification Number (ATIN), or Employer Identification Number (EIN). If your name and TIN appear on Form 1099-K, but you report business income using Form 1120, 1120-S, or 1065, you must request a correction to the Form 1099-K.

  4. Box 1a reports the Gross Payment Amount. This shows the total you received through payment card and third-party transactions; however, it is not adjusted for the following items because they are not taxable income.

    1. Fees

    2. Credits

    3. Refunds

    4. Shipping

    5. Cash Equivalents

    6. Discounts

  5. The last page of the 1099-K form will provide detailed insights regarding each section of the form.

Additional Information

For more information regarding the 1099-K form, please see the second page of the form. For additional questions and tax advice, please consult a CPA.

FAQ

Click to Expand

Why did Stripe reach out to me?

​​In short, your organization earned more than the current IRS threshold while using the Subsplash Giving Platform. Exceeding the IRS threshold requires Subsplash or our partner, Stripe, to issue a 1099-K. In the past, you may have received these forms via mail, but starting in 2022, an electronic copy will be made available each year through our Stipe Express.

What is Stripe Express, and how do I access it?

Stripe Express allows you to view your tax information, download tax forms, and track earnings. If you meet the thresholds required to receive a 1099-K, Stripe will send an email inviting you to create an account and log in to Stripe Express.

How will I receive my 1099-K tax form?

After you log in to your Stripe Express account, you will be able to consent to the e-delivery of your 1099-K tax forms. If you do not consent to e-delivery, you will not be able to view or download your 1099-K tax forms on the Stripe Express Tax forms page. If you opted into e-delivery, your 1099-K tax form will be delivered electronically near the end of January. If you do not consent to e-delivery by mid-January 2023, Subsplash will automatically mail your 1099-K tax form to the address on file.

How can I download my 1099-K tax form?

If you create a Stripe Express account and consent to e-delivery, Stripe will email you to let you know when your 1099-K tax form is available for download via Stripe Express. If you don’t consent to e-delivery, Stripe will mail you a paper copy of your 1099-K tax form instead.

When will I receive my 1099-K tax form?

If you’ve agreed to e-delivery, you should receive your 1099-K tax form by January 31 of the current year (plus up to 10 business days for mail delivery of a paper form, dependent on postal services).

I earned enough to need a 1099-K form in 2022. Why haven’t I received an email from Stripe?

If you earned enough to need a 1099-K form, you should have received an email from Stripe by mid-January. Emails will be sent out in phases to Subsplash clients starting in November.

If you can’t find an email from Stripe, it’s possible that:

  • The email may be in your spam/junk mail folder. Please search your inbox for an email from express@stripe.com

  • The email address associated with your Subsplash account is incorrect, missing, or unable to receive mail.

The easiest way to obtain the email is by contacting Stripe directly. Stripe provides a support document with detailed steps on how to request the email to be re-sent.

If you earned enough to need a 1099-K form and do not receive an email from Stripe by mid-January, you will be mailed a paper copy of your 1099-K tax form.

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