An inspector will receive a 1099-K form if they exceed the limits defined by the IRS. Those guidelines are:
For 2024:
$5,000 in credit card transactions regardless of the number of transactions
For 2025:
$2,500 in credit card transactions regardless of the number of transactions
For 2026:
$600 in credit card transactions regardless of the number of transactions
For 2023 and prior:
$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-K will not be received.
No matter the amount, if you receive payments for selling goods or services or renting property you must report your income.
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 or before January 31st.
Why does the refunded amount show on the 1099? The 1099s display the total amount of payments, which encompasses any payments, even if they were later refunded.
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 during tax season.
Are fees included in my 1099? No, fees are not included in the 1099-K form as reported income.
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.
Why doesn't my Spectora export match my 1099K? The 1099-K form and the Spectora Data Exports are not generated using the same logic. 1099-Ks are generated and populated by Stripe based on when the funds became available. Spectora generates the Data Export reports based on when the payment was made. This can cause a discrepancy between the two reports. If you require a reconciliation of these two reports for tax reasons, Spectora can reach out to Stripe on your behalf to obtain a reconciliation form. This may take several days or weeks to obtain.
If you have any questions or feedback, write into our chat bubble or email support@spectora.com!
