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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.

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

Jane partners with Stripe to take payments, as well as file 1099 tax forms that report your credit card processing. You should receive an email from Stripe in early January 2022 with instructions about how to verify your tax information, and ensure your 1099 tax form is sent to the right place.

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 2021.

How do I get my 1099-K form?

Starting in January 2022, you’ll be able to get your 2021 1099k form by heading to your Settings > Jane Payments area, followed by clicking on the Payout Details 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 Tuesday, November 30 would be paid to you in two business days, which would be Thursday, December 2. You’d see this $100 reflected in your December 1099-K totals.

My business information is incorrect on my 1099k form.

You’ll be able to update your business information from your Settings > Jane Payments area, followed by clicking on the Payout Details button.

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 support@payfirma.com 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.