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1099-K Tax Form FAQ

1. What are 1099-Ks?

A 1099-K form is a federal income tax information form 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. Stripe, our payment partner, helps us prepare and deliver these documents to you. If you’d like to learn more about the particular 1099-K form you were issued, please check here: https://stripe.com/docs/connect/tax-reporting

2. Will I receive a 1099-K form?

You will receive a 1099-K form if:

  • You are an individual or business based in the United States (owners do not need to be US citizens) or the non-US account is for a US taxpayer.
  • You received payments through PSEs (such as Stripe or another payment processing service) totaling $600 or more total gross volume during a calendar year.

—or—

  • You received payments through PSEs and meet a state-based threshold, which could differ from the federal threshold, including:

    -District of Columbia, Maryland, Massachusetts, Mississippi, Vermont, and Virginia: The threshold is $600 in gross volume, in any given year
    -Arkansas: The threshold is $2,500 in gross volume, in any given year
    -Illinois: The threshold is four transactions and $1,000 in gross volume, in any given year
    -New Jersey: The threshold is $1,000 in gross volume, in any given year

    You can learn more about state thresholds here.

Please Note: The federal threshold recently changed in 2023, so you might receive a 1099-K form even if you haven't in previous years. Businesses that are not aware of the new threshold could find themselves in violation of IRS regulations. You can learn more about 1099-K requirements here.

3. How is “total gross volume” calculated?

Total gross volume is a calculation of the total of all charges processed through Stripe on your behalf for the preceding year, including:

  • Stripe processing and conversion fees
  • Shipping fees
  • Refunded charges
  • All adjustments

These additional fees, refunds, and adjustments are not deducted from your total charges when calculating your gross volume and reporting to the IRS. If the numbers seem higher than expected, see “Total Gross Volume” on 1099-K Form to learn more about gross reporting.

4. When will I receive my 1099-K?

Your 1099-K tax form will be sent to you by January 31 (Please 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 account. If you haven’t already, you’ll need to complete these steps to access your 1099-K tax form electronically.
  • By January 31: Your 1099-K tax form will be sent.
  • March 15: IRS deadline to file taxes for businesses. You’ll need your 1099-K tax form to file your taxes.
  • April 15: IRS deadline to file taxes for individuals. You’ll need your 1099-K 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. Your name, address, Taxpayer Identification Number, Social Security Number, and Employer Identification Number are of primary importance.

5. Why is Stripe requesting personal information like my Social Security Number?

Personal information like your Social Security Number is required to get your 1099-K tax form properly filed with the IRS. If you have earned enough to qualify for a 1099-K tax form, the IRS requires your full details to be verified ahead of 1099-K filing.

6. How will I know when my 1099-K tax form is available?

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

7. How will I receive my 1099-K tax form?

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

If you would like to receive a paper copy of your 1099-K form, please reach out to us for assistance.

8. My information has changed since I signed up for Houzz. How can I edit information?

You can update your account information through Houzz:

  • Click the Settings icon from your left navigation, then select Online Payments from the menu.
  • Select Update Payment Details and verify your email address through the link sent to you.
  • Under Identification Details, click on Update Details and update your information.
9. If the information on my 1099-K tax form is incorrect, who do I ask for updates — Stripe or Houzz?

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

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