Taxes

This article addresses the following:

• Should I Expect to Receive a Tax Form from Swimply?
• 1099 Tax Information
• Sole Proprietorship Tax Information

Should I Expect to Receive a Tax Form from Swimply?

Our payment processor, Stripe, will be issuing the 1099-K form by the end of January 2023, if you've met all of the following criteria in the previous calendar year:

US Hosts:

• Your Stripe account is based in the United States (owners do not need to be US citizens) or the non-US account is for a US taxpayer AND
• More than $20,000 USD in total gross volume AND
• More than 200 transactions.

The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states. For more help understanding your 1099-K, go to IRS.gov. You can also download a blank example of the 1099-K form here.

Please Note: If you don't meet all the listed requirements, you won’t receive a formal 1099-K form.

As always, we encourage you to consult a tax professional for assistance reporting your income. You can learn more as well on IRS.gov.

Canadian Hosts:

Hosts who earned over $600 CAD will need to provide a W8-BEN to our payment partner, Stripe.​ Forms W-8 are for non-U.S. tax residents.

You can learn more about the upcoming tax changes here:
https://fortune.com/2021/03/12/gig-workers-taxes-irs-covid-relief-bill/

Swimply does not provide tax advice. For more information, please consult a tax professional.

1099 Tax Information

What are 1099s?

1099 forms are U.S. Federal income tax information forms used to report earnings and proceeds other than wages, salaries, and tips (which are reported on the federal W-2 form). The forms are filed with the US Internal Revenue Service (IRS) and, if required, state tax departments.

Why haven't I received a Stripe Express invitation?

Check your spam or junk mail folder in case your invitation landed there.

You might not receive an invitation if Swimply doesn’t have your most current email address on file. You need to either update the email address on your account or check your other email addresses for an invitation.

However, you may not have received an invitation for other reasons, such as:

• You earned less than the threshold for your form type.
• Your email address on file is incorrect, missing, or unable to receive email.
• Your specific account is unsupported on Stripe Express (in uncommon situations where multiple users are sharing the same account, or the same email address is being used on more than 20 accounts)

Will I receive a 1099 form?

If you earned less than 20,000 USD over the course of the year (2023), you might not receive a 1099 form and one won’t be generated for you unless you meet a threshold in your state. If your state has a filing threshold lower than 20,000 USD, you might receive a 1099 form.

You can check your state’s requirements here: View 1099 state requirements.

When will I receive my 1099?

Your 1099 tax form will be sent to you by January 31, 2024 (note: paper forms delivered by postal delivery might take up to 10 additional business days).

• Stripe will email you instructions on how to set up e-delivery and create a Stripe Express account. If you haven’t already, you’ll need to complete these steps to access your 1099 tax form electronically.
• Between January 31, 2024 and February 29, 2024:
  • Your 1099 tax form will be available to download through Stripe Express.
  • Your 1099 tax form will be mailed to you if you don’t receive an email from Stripe or don’t consent to e-delivery. Please allow up to 10 business days for postal delivery.
  • Swimply will file your 1099 tax form with the IRS and relevant state tax authorities.
• April 15, 2024: IRS deadline to file taxes. You’ll need your 1099 tax form to file your taxes.

In January, we strongly suggest that you ensure all of your tax filing details and delivery preferences are up to date in Stripe Express. Your name, address, and Taxpayer Identification Number (Social Security Number /Employer Identification Number) are of primary importance.

Why is Stripe requesting my personal information like my Social Security Number?

Your Social Security Number is required to get your 1099 tax form properly filed with the IRS.

If you have earned enough to qualify for a 1099 tax form, the IRS requires your full details to be verified ahead of 1099 filing.

We understand you may have concerns about providing your full Social Security Number/Employer Identification Number when first claiming your account, given the sensitivity of this identifier. We take your privacy seriously and have enabled technical solutions to ensure that your personal information is secure.

How will I know when my 1099 tax form is available?

If you opted in to e-delivery, Stripe will send an email notification about the availability of your 1099 tax form to the email associated with your Stripe Express account.

How will I receive my 1099 tax form?

After you log in to your Stripe Express account, you will be able to consent to e-delivery of your 1099 tax forms. If you do not consent to e-delivery, you will not be able to view or download your 1099 tax forms in the Stripe Express Tax forms page. If you opted in to e-delivery, your 1099 tax form will be delivered electronically near the end of January.

If you would like to receive a paper copy of your 1099 form, please reach out to Swimply Customer Care for assistance.

My information has changed since I signed up for Swimply. How can I edit information? 

Update your account information in the account tab:

• Under Stripe Express Account, you can update the email address and phone number used to log in to Stripe Express. Please note that only one contact method can be updated at a time.
• Under Language preference, you can choose your preferred language for Stripe Express.
• Under Payout and Professional Details, you can update personal and legal entity information and view your bank account or debit card information for payouts. 

If the information on my 1099 tax form is incorrect, who do I ask for updates - Stripe or Swimply?

If you need to correct the information on your tax form after it’s been delivered, you can reach out to Swimply Support.

We understand the numbers on your form might be a bit confusing. Those numbers might represent your net take-home pay, include Stripe fees, or represent total gross volume.

If the numbers seem higher than expected, see “Total Gross Volume” on 1099-K Form to learn more about gross reporting.

If you’d like to learn more about the particular 1099 form you were issued, please check here:

https://stripe.com/docs/connect/tax-reporting

Sole Proprietorship Tax Information

Should you handle your bookings and finances on Swimply as a Sole Proprietor please reference this article to guide you accordingly here.

Please Note: As always, we encourage you to consult a tax professional for assistance reporting your income. You can learn more as well on IRS.gov.