FAQ for 2023 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 2023, if you processed 200 plus transactions worth $20,000 total gross volume on the AdvicePay platform, you'll receive a 1099-K form via our partner Stripe (through Stripe Express).
The 1099-K shows the gross of all credit cards and ACH payments made on the connected account. The Net amount can be found on the Transaction Report in AdvicePay which will include all fees and refunds.
Ultimately, 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/express_login. Running into any snags getting into your Stripe Express account? Here is their dedicated support contact form here.
Important timeline to keep in mind
By the week of November 1st: Only eligible AdvicePay Account Owners will receive an email from Stripe inviting them to confirm their tax information and set up e-delivery with Stripe Express . Please look out for an email with the subject line “Get your AdvicePay 2023 tax forms faster by enabling e-delivery”. This email from Stripe Express is legitimate and you’ll need to create an account to ensure all tax information is correct as well as have the ability to download a copy of your 1099-K when it's ready in 2024. We strongly suggest opting into paperless delivery (i.e., agree to receive your 1099-K tax form electronically via Stripe Express) to ensure you receive your 1099-K quickly.
- Before mid-January: Confirm your tax information (e.g., name, address, and SSN or EIN) is correct via Stripe Express. This information must match the information provided to AdvicePay. If changes are required, these need to be completed before mid-January.
- By January 31, 2024:
- Eligible Account Owners will receive an email from Stripe Express with the subject line of "Your AdvicePay 1099 tax form is ready." This email is notifying you your 1099-K tax form will be available to download via Stripe Express if you agreed to paperless delivery.
- Your 1099 tax form will be mailed to you. If you don’t receive an email from Stripe or don’t agree to paperless 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 15, 2024: IRS deadline to file individual tax returns. You’ll need your 1099 tax form to file your taxes.
If you received 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 account, this information is used to ensure we have the correct TIN number for every Account Owner on the platform. This email was only sent to certain Account Owners so if you did not receive one, that means we have your correct information and no action is needed.
- Please note: If you don’t consent to e-delivery by mid-January 2024, we’ll automatically mail your 1099-K 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-K electronically. However, you will not be mailed a new paper copy of your 1099-K 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 IRS criteria in the previous calendar year. For 2023, the criteria is if you have processed 200 plus transactions worth $20,000 total gross volume on the AdvicePay platform.
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: Eligible Account Owners who earned more than $600 in 2023 will be receiving an email invite to create a Stripe Express account by the beginning of November 2024. The email subject line is “Get your AdvicePay 2023 tax forms faster by enabling e-delivery.” If you enable e-delivery for your 1099-K, once it's ready by the end of January, you will receive an email from Stripe Express with the subject line of: "Your AdvicePay 1099 tax form is ready" indicating that your 1099-K is ready for download. If you don’t consent to e-delivery by mid-January 2024, we’ll automatically mail your 1099-K tax form to the address on file
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-K 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: I no longer have access to the phone number I signed up with. How do I login to my Stripe Express account?
A: If you’ve lost or updated your phone number, you can select the “I no longer have access to this phone number” option to authenticate via email and change your phone number.
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 2023 earnings, please check the following:
- Check your spam and deleted folders. The subject of the email is “Get your AdvicePay 2023 tax forms faster by enabling e-delivery.”
- Confirm that you have the correct email address added to your AdvicePay account.
- Confirm whether you earned $20,00 or more plus processed at least 200 transactions on AdvicePay in 2023. If you earned less than $20,000 or processed less than 200 transactions in 2023, you will not receive a 1099-K form or the Stripe invitation.
Important: If you confirmed all of the above, you can request a new invite email from Stripe Express by following the steps at the link here.
Q: How can I download my 1099-K tax form?
A: Once you receive the email invitation from Stripe Express, open the invitation email and click on the “Get Started” 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-K 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-K tax form instead.
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 resource pages. If you still need help, please contact Stripe Express 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 contact Stripe Express support or you can request a new invite email from Stripe Express by following the steps at the link here.