1099-k FAQ for Time To Pet Payments Powered by Stripe

Time To Pet Payments Powered by Stripe will deliver 1099-k forms to your business if you meet the IRS thresholds required for 1099-k. Time To Pet works with Stripe to manage payments for our Time To Pet Payments tool. This article reviews the 1099-k process and answers some frequently asked questions on Stripe Express and 1099s.

FAQs

Q: What are 1099s?

1099 forms are federal income tax information forms used to report earnings and proceeds other than wages, salaries, and tips (which are reported on the federal W-2 form). The forms are filed with the US Internal Revenue Service (IRS) and, if required, state tax departments.

Q: What is Stripe Express?

Stripe Express is a new way to engage with Time To Pet Payments and Stripe. Stripe Express allows you to track your earnings, manage tax forms, update your business/personal information, and get direct support from Stripe from a web-based portal and app.

Q: How do I download the app?

If you’d like to download the Stripe Express app, you can do so here:

• iOS: https://apps.apple.com/us/app/stripe-express/id1560214813
• Android: Not available

Q: Do I have to download the Stripe Express app?

You don’t need to download the app. You can use either the web-based portal or the Stripe Express app to access your account and tax information.

Q: Which email address does Stripe use to send Stripe Express invitations?

Stripe uses the email information associated with your Time To Pet Payments account to send you an invitation to sign up for Stripe Express. If you haven’t received that email, contact Stripe Support.

Q: Will I receive a 1099 form?

For 1099-K forms, the IRS requires filing if, in a calendar year, the gross amount of total reportable payments exceeds $20,000 and there are more than 200 transactions. Filing requirements for some states might differ from federal requirements.

You can check your state’s requirements here: View 1099 state requirements.

Q: When will I receive my 1099?

Your 1099 tax form will be sent to you by January 31 (note: paper forms delivered by postal delivery might take up to 10 additional business days).

• Starting in November:
  • Stripe will email you instructions on how to set up e-delivery and create a Stripe Express account. If you haven’t already, you’ll need to complete these steps to access your 1099 tax form electronically.
• By January 31:
  • Your 1099 tax form will be available to download through Stripe Express.
  • Your 1099 tax form will be mailed to you if you don’t receive an email from Stripe or don’t consent to e-delivery. Please allow up to 10 business days for postal delivery.
  • Time To Pet Payments will file your 1099 tax form with the IRS and relevant state tax authorities.
• April 15:
  • IRS deadline to file taxes. You’ll need your 1099 tax form to file your taxes.

In January, we strongly suggest that you ensure all of your tax filing details and delivery preferences are up to date in Stripe Express. Your name, address, and Taxpayer Identification Number (Social Security Number /Employer Identification Number) are of primary importance.

Q: Why is Stripe requesting personal information like my Social Security Number?

Your Social Security Number is required to get your 1099 tax form properly filed with the IRS.

If you have earned enough to qualify for a 1099 tax form, the IRS requires your full details to be verified ahead of 1099 filing.

Given the sensitivity of this identifier, we understand you may have concerns about providing your full Social Security Number/Employer Identification Number when first claiming your account. We take your privacy seriously and have enabled technical solutions to ensure that your personal information is secure.

Q: How will I know when my 1099 tax form is available?

If you opted into e-delivery, Stripe will send an email notification about the availability of your 1099 tax form to the email associated with your Stripe Express account.

Q: How will I receive my 1099 tax form?

After you log in to your Stripe Express account, you will be able to consent to the e-delivery of your 1099 tax forms. If you do not consent to e-delivery, you cannot view or download your 1099 tax forms on the Stripe Express Tax forms page. If you opted into e-delivery, your 1099 tax form will be delivered electronically near the end of January.

If you would like to receive a paper copy of your 1099 form, please reach out to us at support@timetopet.com for assistance.

Q: My information has changed since I signed up for Time To Pet Payments. How can I edit the information?

In the Account tab of your Stripe Express Account, you can update the email address and phone number used to log in to Stripe Express. Please note that only one contact method can be updated at a time.

Under Language Preference, you can choose your preferred language for Stripe Express.

Under Payout and Professional Details, you can update personal and legal entity information and view your bank account or debit card information for payouts. To update your payout details, please review our help doc on Updating Your Payout Account in Time To Pet Payments Powered by Stripe.

Q: If the information on my 1099 tax form is incorrect, who do I ask for updates - Stripe or Time To Pet?

If you need to correct the information on your tax form after it’s been delivered, you can reach out to us at support@timetopet.com

We understand the numbers on your form might be a bit confusing. Those numbers might represent your net take-home pay, include Stripe fees, or represent total gross volume.

If the numbers seem higher than expected, see “Total Gross Volume” on the 1099-K Form to learn more about gross reporting.

If you’d like to learn more about the particular 1099 form you were issued, please check here: https://stripe.com/docs/connect/tax-reporting