What is a 1099-K Form?
A 1099-K is a tax information form used to report gross payment transactions from selling goods and services. It is typically issued to businesses or individuals who receive payments through a Third Party Settlement Organization (TPSO) or third-party payment network, such as Stripe Express.
For example, if you are selling training programs through your Bridge Online Store, you will receive a 1099-K from Stripe if you meet the income threshold of $5k in 2024.
Who Receives a 1099-K?
As a BridgeAthletic Online Store user processing payments through Stripe Express, you will receive a 1099-K if:
You are a U.S.-based seller or a U.S. taxpayer
Your total gross payment volume through Stripe Express was $5,000 or more in the previous calendar year
Important Update
Prior to 2024, the income threshold for receiving a 1099-K was $20,000 USD in gross volume and 200 transactions. However, as of calendar year 2024, the threshold has been lowered to $5,000, meaning more sellers may now receive this tax form.
How to Access Your 1099-K Form in Stripe Express
If you meet the $5,000 income threshold, you can access your 1099-K through your Stripe Express account by following these steps:
Log in to your Stripe Express Dashboard.
Navigate to the Tax Forms section.
If eligible, your 1099-K form will be available for download.
Verify your information to ensure accuracy before using the form for tax filing.
For more details on accessing your 1099-K in Stripe Express, visit Stripe’s official guide: Where is my 1099 tax form?
What to Do if You Don't See Your 1099-K
If you believe you should have received a 1099-K but do not see it in your Stripe Express Dashboard:
Double-check that you have met the $5,000 income threshold.
Confirm that you are using the correct Stripe Express login credentials.
Reach out to Stripe Support for assistance: Stripe Express Support
Filing Taxes with a 1099-K
Receiving a 1099-K means that gross sales made through BridgeAthletic’s Online Store have been reported to the IRS. You should provide this form to your tax professional or include it in your tax filings.
Key Notes:
The 1099-K reports gross transactions before deductions such as Stripe fees, refunds, or adjustments.
Keep records of business expenses to ensure accurate tax reporting.
Consult with a tax professional if you have questions about how to file with a 1099-K.
For additional guidance on 1099-K eligibility and tax reporting, refer to Stripe’s help article: 1099 Tax Forms Eligibility for Stripe Express
Still Need Help?
If you have any questions about managing your 1099-K for your BridgeAthletic Online Store, please reach out to the BridgeAthletic Support Team at support@bridgeathletic.com or Stripe Express Support for further assistance.