What is the difference between 1099-K and 1099-NEC/MISC Tax Forms?
1099- K Form
The 1099-K is a compulsory tax report used to report the Gross Volume of transactions processed through an entity. When using a 1099-K for information reporting, a copy must be delivered to the payment recipient and filed with the IRS.
The 1099-K Form is available for any users who successfully registered their entity on Stripe and met the filing threshold requirements set on the federal and/or state level. The 1099-K tax form is NOT an income based report and will not be used to show your earnings. It is simply meant to report how much money was processed on our site.
Recipients of a 1099-K are mostly merchants who have received payment using a third-party payment network like our system. Whether the recipient receives a 1099-K or not, we are still required to do the tax filings. On November 21st, the IRS announced that the 1099-K filing threshold will remain at 20,000 USD AND 200 transactions for the 2023 tax year.
If the gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and they're based in the US or are a US taxpayer—payees should expect to receive a 1099-K, either through paperless delivery or paper mailing.
Your 1099 tax form should be located in the Online Payment Settings, under the Tax tab by January 31. You can view and download your 1099-K tax form once you’ve confirmed the tax information, consented to paperless delivery, and our platform has delivered the form.
The 1099-NEC form can be generated for Service Pros and the 1099-MISC form can be generated for Owners in our system. The IRS requires that users send one of these 1099 forms to each contractor/vendor and property owner during the tax year. It is the Property Manager / Landlord’s responsibility to generate and file this type of 1099 tax form. We are not responsible for filing this type of 1099 form and will not be held liable for misreporting.
In our system, you can easily fill and generate the 1099-NEC/MISC tax form electronically.
To find the form, go to the Reports section from the left-side menu and press the View button on the 1099 Tax Form card.
1099-NEC/MISC Tax Form is available for US citizens only.
We do NOT mail or send electronically 1099-NEC/MISC Tax Forms to the IRS. For convenience, the forms are saved as PDF files and can be printed for mailing.
You will need to print off the red portion of 1099 and mail all to the IRS.
The federal thresholds for receiving a 1099 tax form differ per form type:
1099-MISC/NEC: >= $600 USD
1099-K: > $20,000 USD but you must also have a minimum of 200 transactions.
1099-K vs. 1099 NEC / MISC:
1099 NEC / MISC
Filed by us
Filed by the Property Manager / Landlord
Reports Gross Volume Processed on Stripe
Reports Reportable Income for the Owner / Vendor
One report per Legal Entity
One report per Owner / Service Professional
Only Available if Federal/State Threshold is Met
Available through our Reports at any time
We will file and can make corrections under certain circumstances
We do not file or make corrections
For more information, please go to:
1099-NEC/MISC Tax Form
Feb. 13, 2024