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U.S. 1099 tax forms

🆕 On December 23, 2022, the IRS announced a delay in reporting thresholds for 1099 forms. This guide has been updated to reflect these changes.

It’s everybody’s favorite season - tax season! Bookkeepers, accountants, and anyone else who enjoys long documents and a lot of numbers, this one’s for you. 😏

This guide is specific to U.S.-based Jane clinics and practitioners using Jane Payments, powered by Stripe.

Feel free to jump to each question by clicking through the links below:

 


What’s a 1099-K form?

It’s an information return that’s given to the IRS and all qualifying Jane Payments accounts. It summarizes your credit card processing through Jane Payments, powered by Stripe, for the previous year.

Who is Stripe, and why did I receive an email from them about my 1099-K form?

Jane partners with Stripe to take payments, as well as file 1099-K tax forms that report your credit card processing. For tax purposes, they will generally send emails from [email protected]

  • In November or December of 2022, you may receive an email asking you to confirm your tax information.
  • In January 2023, Stripe will notify you when your 1099-K tax form is available.

Do I qualify for a 1099-K?

For most states, you’ll be issued a 1099-K form from Jane Payments if you have processed more than $20,000 and 200 transactions in the year 2022.

For the 2023 calendar year, this amount will be reduced to $600.

How do I get my 1099-K form?

Starting in January 2023, you’ll be able to get your 2022 1099-K form by heading to your Settings > Jane Payments area, followed by clicking on the Go To Stripe button. From here, you’ll see a Tax Forms heading.

How are these numbers calculated?

The numbers listed on your 1099-K form are your total processing amounts before any credit card processing fees are deducted. If your treatment price is $100, you’d see $100 reflected in the totals on your 1099-K, even though a slightly lower amount would have been deposited in your bank account.

The numbers on your 1099-K form also reflect when those funds were paid to you, which may not be the same month they were processed. As an example, a $100 payment processed on Wednesday, November 30 would be paid to you in two business days, which would be Friday, December 2. You’d see this $100 reflected in your December 1099-K totals.

My business information is incorrect on my 1099-K form.

You’ll be able to update your business information from your Settings > Jane Payments area, followed by clicking on the Pencil and then Go To Stripe. Once you’re there, you can click the person symbol on the top right, and update your details from there.

What do I do with a 1099-K form?

We’re required to file a 1099-K form with the IRS for all qualifying Jane Payments accounts. That being said, we make software to help you run your clinic, and we’re not tax experts. You should seek the advice of a tax professional for any questions specific to your business and how to file taxes since we’re not able to offer tax advice.

I use a different payment processor. Can I still get a 1099-K form?

If you’re using our former Square Terminal integration and qualify for a 1099-K form, you’ll find this form in your Square Dashboard.

If you’re using our Payfirma integration, please contact Payfirma at [email protected] for more information.

I don’t qualify for a 1099-K, however, I still need to report on my credit card processing.

Head to your Billing tab, followed by the Jane Payments Monthly Processing Report.