Effective as of January 1, 2023
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What is a 1099-K form?
The IRS requires Stripe to provide a form called a 1099-K for each studio account that generally has more than $600 in total gross volume for the year, which can vary by state. It’s an informational form that summarizes the sales activity of your studio and is meant to help you report your Income taxes. It’s provided to you and the IRS, as well as some applicable states, depending on where you’re based.
When will 1099-K forms be issued?
If your studio qualifies for a 1099-K, the form for the previous year will be available to download from the Documents section of your Stripe Dashboard prior to January 31.
For more information, visit Stripe’s support article.