SwimTopia partners with Stripe to file 1099-K tax forms that summarize your earnings or sales activities. This article covers some answers to FAQs provided by Stripe to help you in this process, and how to use Stripe Express to review your tax information and download your tax forms.
If you do not find what you are looking for, See ➞ Stripe Express 1099 Tax Forms article for an extensive list.
Covered in this Article:
Frequently Asked Questions
- What is a 1099-K tax form?
- What are the qualifying criteria?
- What charges qualify for a 1099-K tax form?
- How can I access my 1099-K tax form?
- What if I did not receive the invitation email from Stripe?
- What if I misplaced my Stripe email?
- How do I submit my 1099-K form?
- Is my tax information secure?
- How do I get a corrected 1099-K tax form?
- What if I need more help?
Important Details and Timeline
- By mid-January 2024: Eligible SwimTopia customers (based on the criteria below), will receive an email from Stripe to confirm your tax information and set up e-delivery of your 1099 form. Emails started being delivered in phases in October 2023.
- The subject line is “Get your SwimTopia 2023 tax forms faster by enabling e-delivery”
- We highly suggest and kindly request opting into e-delivery (i.e., agree to receive your 1099 tax form electronically via Stripe Express) to ensure efficient delivery and eliminate mailing fees.
- Before mid-January: Confirm your tax information (e.g., name, address, and SSN or TIN/EIN) is correct via your Stripe Express account. (If you do not receive the email before mid-January but qualify for a 1099 tax form for the previous year, contact SwimTopia Customer Support.)
- By January 31, 2024: Your 1099 tax form will be available to download via Stripe Express if you agree to paperless delivery (preferred method). If you don’t receive an email from Stripe or don’t agree to paperless delivery, please allow up to 10 business days for mail delivery. SwimTopia will file your 1099 tax form with the IRS and relevant state tax authorities.
- April 15, 2024: IRS deadline to file individual tax returns. You’ll need your 1099 tax form to file your taxes.
- If you received a Stripe email asking you to confirm your TIN (Tax Identification Number) in order to keep your account active, please use the unique link sent to you. This information is used to ensure we have the correct TIN number.
Example Stripe Emails
The examples below represent the general information Stripe will communicate with all Stripe account owners.
➧ Tax Info and e-Delivery Setup
The purpose of this email is to ensure your tax information and contact information are up-to-date and to provide an option to set up e-delivery for your 1099-K tax form. Again, we suggest e-delivery for the most efficient access to your 1099-K tax form.
➧ 1099-K Tax Form Ready for Download
The purpose of this follow-up email is to notify accounts who have enabled e-delivery, that their 1099-K tax form is ready to be downloaded.
Frequently Asked Questions
➞ Reference: Stripe Express 1099 Tax Forms article.
➧ What is a 1099-K tax form?
1099 forms are federal income tax information forms used to report earnings and proceeds other than wages, salaries, and tips (reported on the federal W-2 form). The forms are filed with the US Internal Revenue Service (IRS) and, if required, state tax departments. Forms must be delivered to recipients by January 31 via paperless delivery (preferred) or mail.
➞ View an example 1099-K form.
➧ What are the qualifying criteria?
Your account must meet all of the following criteria in the previous calendar year to qualify to receive a 1099-K tax form via our payment transaction partner Stripe as stated here and below:
- Based in the US or a US taxpayer
- More than $20,000 in gross volume
- More than 200 transactions
» Note: These requirements are subject to change - please consult with your tax professional for details pertaining to your state. The IRS recently updated its reporting thresholds. Learn more here.
➧ What charges qualify for a 1099-K tax form?
Only card payments processed through SwimTopia are eligible for the criteria above. This is a federal regulation that payment processors must comply with. Any payments through SwimTopia accepted in cash, check, or gift cards are not reported to the IRS.
➧ How can I access my 1099-K tax form?
If you agree to paperless delivery, Stripe will email you to let you know when your 1099 tax form is available for download via your Stripe Express account (by the end of January).
If you don’t agree to paperless delivery, Stripe will mail you a paper copy of your 1099 tax form instead. Mailing your form will delay your receipt, so we suggest opting into e-delivery.
➧ What if I did not receive the invitation email from Stripe?
If you did not receive an email from Stripe but believe you should have received one based on your earnings, please check the following:
- Check your spam and deleted folders. The subject of the email is “Get your SwimTopia 2023 tax forms faster by enabling e-delivery”
- Confirm that you have the correct email address added to your Stripe account
- Confirm whether your team meets the minimum criteria
If you have confirmed all of the above, contact SwimTopia Customer Support for assistance.
➧ What if I misplaced my Stripe email?
Don’t worry, we are happy to help resend get it resent from Stripe! Contact SwimTopia Customer Support.
➧ How do I submit my 1099-K form?
If you reach the qualifying criteria for a 1099-K, SwimTopia is required by law to file a copy of your 1099 tax form for your tax year. You should seek the advice of a tax professional with regard to questions about how to file your taxes, as SwimTopia cannot provide tax advice.
➧ Is my tax information secure?
Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. Learn more about the safeguards we've put in place to protect your information. Please make sure to keep your login credentials for Stripe Express secure.
➧ How do I get a corrected 1099-K tax form?
If you feel you need corrections made to a 1099 tax form that has already been ‘Filed’, use the edit option in the Tax Forms page of Stripe Express. Information you edit will not appear in the 1099 tax form in the Stripe Express dashboard but it is shared with SwimTopia. Reach out to us after you’ve made the edits you want and they can assist you with a correction. You will be notified via email when your corrected 1099 tax form is available.
Please note that it can take up to 72 hours after the platform files the correction for you to be notified.
➧ What if I need more help?
If you still need help, ➞ Contact SwimTopia Customer Support.
For more general Stripe FAQs, ➞ See the Stripe FAQs article.
» Note: As stated, SwimTopia does not provide tax advice. If you have any questions about your taxes, please consult a tax professional.