1099-K form FAQ
On December 23rd, the IRS announced plans to delay the lowering of the 1099-K reporting threshold to 600 USD until the next tax year. This means that for the tax year 2022, the 1099-K filing threshold will remain what it was last tax year: platforms will be required to file 1099-K forms for accounts that have earned a total gross volume greater than 20,000 USD and 200 transactions.
What is a 1099-K form?
Form 1099-K is an IRS information return used to report certain payment transactions. It’s provided to you and the IRS if you received a total gross volume greater than 20,000 USD and 200 transactions in reportable payments in 2022.
Why do I need to verify my information?
We need your Social Security Number, Taxpayer Identification Number, or Employer Identification Number to complete our legal obligation of sending you and the IRS your 1099-K if you meet the total gross volume greater than 20,000 USD and 200 transactions. We also want to ensure that other information, like taxpayer name and mailing address, are up to date so that your 1099-K tax form is accurate and sent to the right place. If you don’t have valid taxpayer details on file, you will not be permitted to use the Zillow Payments platform.
The 1099-K form isn't necessarily an income report. It is information that all payment processing platforms are required to report to the IRS.
When and where can I expect my 1099 tax form?
1099 tax forms are typically finalized in January. If you meet the income thresholds above, Stripe will send you a link to download a copy of your 1099 tax form (or mail a paper form if you prefer)
What is considered a “reportable payment”?
Reportable payments include transactions settled through a third-party payment network. All payments you receive through the Zillow platform are reportable payments. IRS guidelines require the gross amount of all reportable payment transactions is reported. Subsequent refunds or other adjustments are not taken into account.
What questions do I need to refer to my Tax Advisor?
Zillow does not provide tax, legal or accounting advice. You should consult a tax professional if you have questions about things like:
- How to update your taxpayer information with the IRS
- How to file taxes if your 1099-K needs to be split between multiple taxpayer IDs
- What you need to report and how to report it on your tax return
- Any state specific reporting obligations and thresholds
What issues do I need to contact Zillow support to resolve?
If you are having difficulty verifying your information of if you believe there is an error with your 1099-K tax form, please submit a help request or email us at firstname.lastname@example.org. Note that Zillow cannot change any of the content of your 1099 tax form.
Stripe Express FAQ
I received an email that I need to verify/update my information in Stripe Express. What is Stripe Express?
The Zillow Payments platform uses Stripe as a payment processor. Stripe Express is a service that facilitates the preparation and filing of your Form 1099-K. Confirm your tax information and set up e-delivery with Stripe Express to ensure your 1099-K tax form is accurate and sent to the right place.
Which email address does Stripe use to send Stripe Express invitations?
Stripe uses the email information associated with your Zillow Rental Manager account to send you an invitation to sign up for Stripe Express. If you haven’t received that email, please check your spam/junk folder and add the following email address: email@example.com and firstname.lastname@example.org to your contact list prior to contacting Stripe Support.
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 you did not earn a total gross volume greater than 20,000 USD and 200 transactions or if Zillow doesn’t have the correct email address on file. You need to either update the email address on your account or check your other email accounts for an invitation.
If you update your email address and need the invitation to be re-sent, contact Stripe Support.
Why is Stripe requesting personal information like my Social Security Number?
Your Social Security Number is required to get your 1099-K tax form properly filed with the IRS.
If you have met the reporting threshold to qualify for a 1099-K tax form, the IRS requires your taxpayer information be verified ahead of 1099-K filing.
If I update my information through Stripe, will I also need to update my ZRM profile?
No. As long as your information is verified through Stripe, no further action is required. In the event you are prompted to verify your identity on Zillow Rental Manager, please continue to utilize your personal information in lieu of your LLC information.