An inspector will receive a 1099-K form if they exceed the limits defined by the IRS. For 2023 and prior, those guidelines are:
$20,000 in credit card transactions and
200 credit card transactions
Reference this IRS guide for more details.
In the event that the dollar amount and number of transactions are not achieved, eligibility will not be met and a 1099 will not be received.
Please note that only transactions processed through Stripe will be considered towards these specified amounts.
FAQ
How will I receive my 1099? If you meet the requirements to receive a 1099, you can expect to receive an email from Stripe, sent directly to the email address associated with your Stripe account.
When will I receive my 1099? If you meet the requirements, 1099 forms will be sent out by email on January 31st.
Why does the refunded amount show on the 1099? The 1099s display the total amount of payments, which encompasses any refunded payments.
If I don't qualify for a 1099, where do I get documentation in order to have taxes prepared? We highly recommend reaching out to an accountant for guidance on any additional forms or documents that may be necessary. In the Data Exports section, you will find valuable information that could be of use to you.
How can I get a new copy of my 1099? To obtain your 1099 form or request a replacement, you can navigate to the Settings tab, then select Payments and Payout Settings. From there, you can access Stripe and locate the Tax Forms section.
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