FAQ for 2022 1099-Ks
Account Owner Guide to 1099-K Forms
Disclaimer: As a third-party network, Stripe Express will generate, file, and send 1099-Ks for AdvicePay accounts that meet the IRS minimum threshold requirement. For 2022, if you processed 200 plus transactions worth an aggregate of $20,000 on the AdvicePay platform, you'll receive a 1099-K form via our partner Stripe (through Stripe Express). You are responsible for keeping track of your earnings and accurately reporting them in tax filings. If you have any questions about what to report on your taxes, you should consult with a tax professional. AdvicePay cannot provide you with tax advice nor can we verify the accuracy of any publicly available tax guidance online.
Keep in mind: AdvicePay does not automatically withhold taxes. We calculate the subtotal of your earnings based on the date the earnings were deposited.
AdvicePay partners with Stripe Express to file 1099-K tax forms that summarize your earnings or sales activities. We’ve put together some FAQs to help you learn more about 1099s, and how to use Stripe Express to review your tax information and download your tax forms. Need to check out Stripe Express's FAQ's? Please click here to visit their support article.
Note: If you have already created a Stripe Express account, you can log in to manage your tax information at connect.stripe.com/app/express.
Important to keep in mind
- Eligible AdvicePay Account Owners only will receive an email from Stripe (by December 2nd) inviting them to confirm their account information. Please look out for an email with the subject line “Action required to receive your AdvicePay 2022 tax form”. This email from Stripe Express is legitimate and is important to ensure you can receive a 1099-K electronically (see example below).
- If you happen to receive a Stripe email asking you to confirm your TIN (Tax Identification Number) in order to keep your account active, please use the unique link sent to you. This information is not to create a Stripe Express account, rather this information is used to ensure we have the correct TIN/EIN number for every AdvicePay Account Owner. This email was only sent to certain AdvicePay account owners so if you did not receive one, that means we have your information and no action is needed.
- Please note: If you don’t consent to e-delivery by mid-January 2023, we’ll automatically mail your 1099 tax form to the address on file, so it’s critical that your information is current, correct, and complete. You can still update your information via Stripe Express after mid-January 2023 and download your 1099 electronically. However, you will not be mailed a new paper copy of your 1099 tax form.
Frequently Asked Questions
Q: What is a 1099-K tax form?
A: Every year, the United States’ IRS requires that Stripe provide a form called a 1099-K for each Stripe account that meets all of the following criteria in the previous calendar year:
- Account is based in the United States (owners do not need to be US citizens) or the non-US account is for a US taxpayer AND
- More than $20,000 USD in total gross volume*
For returns prior to 2022, platforms were only required to send 1099-Ks to merchants when the gross amount of total reportable payments exceeded $20,000 and the total number of such transactions exceeded 200 in a calendar year. This means that you might have never received a 1099-K from us previously, but with the lowered threshold, you may this year! :)
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states. For more help understanding your 1099-K, go to IRS.gov. You can also download a blank example of the 1099-K form here.
Q: How will tax forms be delivered?
A: If you earn $20,000 or more, you will receive an email invitation by December 2nd (the subject of the email is Action required to receive your AdvicePay 2022 tax form) from Stripe to set up a Stripe Express account (if you do not receive the email invitation but earned or expect to earn $20,000 or more in 2022 on AdvicePay, click here).
Q: How do I update my tax information?
A: Account Owners will start receiving email invitations from Stripe starting November 28th, 2022. Once you receive the invite, open the email from Stripe and click on the “Verify Information” button, which will prompt you to create a Stripe Express account. After you create an account, you’ll be able to review and update your tax information.
When you are setting up your account certain information will be locked once a legal entity is verified. You’ll need to contact Stripe Support and they can assist you with editing the below information:
- Date of birth
- Business Type: Individual, company, non-profit or government entity (US only)
Above: You can review and update your tax information from the Tax forms page within Stripe Express.
Q: Why is Stripe requesting my Social Security number (SSN), Employer Identification Number (EIN), or Individual Taxpayer Identification Number (ITIN)?
A: Your SSN, EIN, or ITIN is required to file your 1099 tax form with the IRS and relevant state tax authorities.
Q: Is my tax information secure?
A: Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. Learn more about the safeguards we've put in place to protect your information. Please make sure to keep your login credentials for Stripe Express secure.
Q: How can I download my 1099 tax form?
A: Once you receive the email invitation from Stripe, open the invitation email and click on the “Verify Information” button, which will prompt you to create a Stripe Express account. If you create a Stripe Express account and consent to e-delivery ( fastest delivery method), Stripe will email you to let you know when your 1099 tax form was available for download via Stripe Express. If you don’t select e-delivery, Stripe will mail you a paper copy of your 1099 tax form instead.
Q: I did not receive the invitation email from Stripe.
A: If you do not receive an invitation from Stripe but believe you should have received one based on your 2022 earnings, please check the following:
- Check your spam and deleted folders. The subject of the email is "Action required to receive your AdvicePay 2022 tax form."
- Confirm whether you earned $20,000 or more on AdvicePay in 2022. If you earned less than that, you will not receive a 1099-K form or the Stripe invitation.
- Wait until early January 2023. Email invitations will be sent out in waves to AdvicePay Account Owners starting November 28th, 2022.
Important: If you confirmed all of the above, please contact support.stripe.com/express from the email account associated with your AdvicePay account for an update.
Q: How do I get in touch with Stripe or AdvicePay for more help?
A: If you have a question that isn’t answered here, we recommend looking through the 1099 tax forms or Stripe Express resource pages. If you still need help, please contact Stripe support. To contact AdvicePay support, please send an email to firstname.lastname@example.org.
Q: How do I login to my Stripe Express account?
A: Please note that in order to log into your Stripe Express account, you would have had to accept the Stripe Express invitation that will be sent to you via email. If you are having issues logging in after creating an account, please click here.
Here are a few important dates to keep in mind:
- Starting in November: If you hit the minimum threshold (process at least $20,000 in 2022 on AdvicePay), Stripe will email you instructions on how to set up a Stripe Express account. You’ll need to create an account and agree to e-delivery (i.e., agree to receive your 1099 tax form electronically via Stripe Express) to and download your 1099 tax form.
- Before mid-January: Confirm your tax information (e.g., name, address, and SSN or EIN) is correct via Stripe Express.
- By January 31, 2023:
- Your 1099 tax form will be available to download via Stripe Express.
- Your 1099 tax form will be mailed to you, if you don’t receive an email from Stripe or don’t consent to e-delivery. Please allow up to 10 business days for mail delivery.
- AdvicePay will file your 1099 tax form with the IRS and relevant state tax authorities.
- April 18, 2023: IRS deadline to file taxes. You’ll need your 1099 tax form to file your taxes.