What is a 1099-K?
A 1099-K form is the informational form that is given to the IRS and qualifying customers and summarizes gross payment transactions for US account holders. The IRS requires Payment Settlement Entities, such as RepeatMD, to report the payment volume received by U.S. account holders.
For 2023, it’s provided to you and the IRS, as well as some US states, if your gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and you’re based in the US or are a US taxpayer.
You can see more information from the IRS on this page here:
When and how will I receive 1099-K?
For all those who qualify, you’ll receive your 1099-K by January 31, 2024. You will receive it both via the mail and be able to access it digitally via your Stripe express account.
Where does the information on my 1099-K come from?
The information recorded on your 1099-K comes from the information submitted when your Stripe Express Connect account was first created. For your security and safety, RepeatMD does not directly set up your business/tax information, rather we partner with Stripe to offer you the ability to manage this directly. If any of the information is wrong or out of date, not to worry, we can help you correct it.! See the next question for how to get information corrected
How can I correct information on my 1099 K?
You will first need to perform the following steps to update your information on Stripe to ensure your account is updated for 2024. Once complete, you will need to send an email to our team taxes@repeatmd.com along with your 2023 W9 for our Finance team to refile.
How can I update my tax information in Stripe?After you complete the following 5 steps, please email your 2023 W9 to:1. Log into Stripe via https://connect.stripe.com/express_login#settings/ 2. Enter the Email address associated with your stripe account
3. Tap the person icon in the top right of your screen to access your Platform Settings
4. Scroll down and select RepeatMD
5. Under business details, click 'Edit' to input the correct EIN into the box and click 'save'
Once you have completed the above steps, please EMAIL your 2023 W9 to taxes@repeatmd.com |
What if I don’t have the option for “Business Details” or (EIN) in Stripe?
This means that you may have inadvertently signed up as an individual not as a business. That’s okay, you can easily change that with Stripe:
1. Please email https://support.stripe.com/contact?skip_login=true
2. Select “Connect” in the box for what you need help with
3. Look at the below list of business entity structure, you’ll need to tell Stripe what structure represents your business registration:
Sole proprietorship
Partnership
Limited liability company (LLC)
C corporation (C corp)
S corporation (S corp)
4. For “What's your question?” enter in "Change my verification to one of the above business entities"
5. For “Add people to the conversation”, please CC your CSM and taxes@repeatmd.com
6. Press “Send Email”
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