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U.S. 1099 tax forms

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.

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 in 2020 and more than 200 transactions.

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 Friday, November 27 would be paid to you in two business days, which would be Tuesday, December 1. You’d see this $100 reflected in your December 1099-K totals.

I need to update my business information.

If your business information has changed since you signed up with Jane Payments, reach out to us using the Need Help? menu in Jane as soon as possible.

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 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.