Obtain your 1099 from Stripe

To make tax season easier for our U.S.-based sellers, Drip has teamed up with Stripe to provide a 1099-K form for eligible sellers. This form summarizes your income from Drip, giving you the information you need to handle your taxes for 2024. Here’s everything you need to know to ensure you’re prepared to receive your 1099-K. 

Who Will Receive a 1099-K?

Drip will issue a 1099-K form to U.S.-based sellers who qualify based on their earnings. If eligible, you’ll receive a form in early 2025 that provides a breakdown of your Drip income for the year.

Why You Need a Connected Stripe Account

Drip has selected Stripe as our official partner to process and send out 1099-K forms. If you’re already using Stripe as your payout method, you’re all set! You’ll receive a notification from Stripe with instructions to confirm your tax information and choose your delivery preference. If you qualify, your 1099-K will include details of your total earnings on Dripshop.live for 2024.

Why Do I Need to Connect a Stripe Account?

To ensure your 1099-K is processed correctly, you need a connected Stripe account associated with your Dripshop.live profile. If you currently use only PayPal as your payout method, you’ll need to add a Stripe account to receive a 1099-K form from Dripshop.live.

Steps to Ensure You Receive Your 1099-K

1. Verify Your Stripe Account and Tax Details

• Starting November 11, 2024, sellers with connected Stripe accounts will receive an email from Stripe with detailed instructions. This email will guide you through verifying your tax details and selecting your preferred delivery method, either electronic or by mail.

• Action Required: Follow the email instructions promptly to confirm that your information is accurate and that your 1099-K will be sent to the correct address.

2. Set Up a Stripe Account if You Haven’t Yet

• Log into your Drip account through your browser or mobile app.

• Go to Seller hub > Payout and select Stripe. Guide: https://help.dripshop.live/en/articles/9902875-how-to-set-up-drip-payouts-via-stripe-connect

• Follow the setup prompts to create a Stripe account and connect it to Drip. This will ensure that your payout method is set up to receive a 1099-K form.

• Note: Ensure your legal name, address, and tax details in Stripe match your records to prevent processing issues.

Key Deadlines

• By November 11th, 2024: Ensure you’ve received the email from Stripe and have confirmed your tax information and delivery preferences.

• By January 31st, 2025: All eligible sellers will receive their 1099-K form based on their selected delivery preference (either electronic or mailed).

Delivery Methods

• Electronic: If you choose this option, you’ll be notified by email when your 1099-K is ready for download.

• Mail: If you select mail delivery, your form will be sent to the mailing address on file with your Stripe account.

Frequently Asked Questions

Q: What should I do if I don’t receive the November 11th email from Stripe?
A: If you don’t see the email by mid-November, please check your spam or promotions folder. If you still can’t locate it, reach out to Drip Support, and we’ll help you make sure your Stripe account is connected properly.

Q: Can I update my tax information if I realize something is wrong after confirming?
A: After confirming, changes may need verification. Contact Stripe Support directly, or reach out to Drip Support for guidance.

Q: Can I still receive my 1099-K if I only use PayPal for payouts?
A: Yes, you can do this via PayPal https://sites.google.com/dripshop.live/streamer-resource-center/resources/obtain-your-1099-from-paypal

Need Help?

If you need assistance with any of the steps above, Drip Support is here for you! Please reach out at support@dripshop.live. We’re committed to making your tax season as smooth as possible.

Thank you for being a valued part of the Drip community! We’re excited to simplify the tax process for you in 2024 and beyond.