When to Expect your 1099-K
Xplor Studio will send out your company's 1099-K tax form for the prior year by January 31st each year.
Where is the 1099-K sent?
If you use Xplor Studio for merchant processing, a 1099 will be sent to the address and owner on record when you signed the Stripe agreement that allows you to use Stripe for your merchant processing. If you do not use Xplor Studio and Stripe for your processing, then you should ask your merchant processor about where the 1099 will be coming from and when it will be arriving.
I didn't receive my 1099-K?
If you didn't receive your 1099 there could be a few things going on.
You may not qualify for a 1099 - see the next section below for qualifications.
You may have the wrong address setup in Stripe.
You may not be using Xplor Studio and Stripe as your merchant processor - please confirm that you're using our system.
If you've confirmed that you have the correct name and address in stripe and you still have not received your 1099 by Feb 28th, please contact the Xplor Studio support team and we'll make sure to have it sent out to you.
If you had an ownership change and didn't tell us about it.
How do I know if I qualify for a 1099-K?
The general criteria for if you should be receiving a 1099 are listed below. In order to qualify, you must satisfy all 3 criteria. If you only have 1 or two out of the 3 you may not qualify.
For full irs.gov requirements click here.
Gross payments to a participating payee exceed $20,000. * Changing to $600 in 2022.
There are more than 200 transactions with the participating payee. A transaction is considered a deposit into their bank account. * starting in 2022 - there is no transaction requirement.
We do not provide any official forms to Foreign gyms at this point in time - only gyms located in the United States would qualify for a 1099.
Note some states have different requirements:
Massachusetts, Maryland, Mississippi, Virginia, and Vermont require 1099-Ks to be filed for each unique tax identification number with at least $600 USD in gross volume.
Missouri requires 1099-Ks to be filed for each unique tax identification number with at least $1,200 USD in gross volume.
Illinois requires 1099-Ks to be filed for each unique tax identification number with at least $1,000 USD in gross volume and more than 3 charges.
What if I had an ownership change or my EIN changed and forgot to tell Triib?
If you had an ownership change and the EIN changed, we cannot change the 1099.
Each business needs its own Stripe Merchant Account for accurate tax reporting. We cannot change the 1099 to the new owner because the Stripe account was issued under the previous owner and processing continued under that account.
Please reach out to support@stripe.com on how to update the owner.