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Withfriends Tax Forms

Explanation of the 1099-K filed by Withfriends

Kunal Gupta avatar
Written by Kunal Gupta
Updated over a week ago

If you process more than 200 transactions and more than $20K in a given year, you will receive a 1099-K from Withfriends for the year.

Please note that this tax form reports the "Total Gross Volume".  (This is often a point of confusion.) 

We're required to report the gross payments which includes how much was sent to a payee before any processing or platform fees, and more.

In specific, the "Total Gross Volume" includes:

  • Stripe processing and conversion fees

  • Shipping fees

  • Taxes

  • Refunded charges

  • All adjustments

These additional fees, refunds, and adjustments are not deducted from charges when calculating your gross volume and reporting to the IRS.

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