Required Verification Information for Taxes
If your platform has U.S. federal 1099-K or 1099-MISC reporting requirements, you can use the tax_reporting_us_1099_misc and tax_reporting_us_1099_k capabilities to collect the necessary personal and business information from your users. This is in addition to the onboarding requirements for these connected accounts. Requesting the tax_reporting_us_1099_misc capability for a connected account does not mean you will file IRS FORM 1099-MISC. For example, you can choose to file IRS FORM 1099-K during tax season instead.
Stripe recommends that you consult a tax advisor to determine your tax filing and reporting requirements.
Form 1099-MISC
The table below lists the requirements for connected accounts with the tax_reporting_us_1099_misc capability that have a business_type of individual or company. individual is also used for sole proprietorships, and company can be used for LLCs and partnerships.
| Individual | Company |
|---|---|
individual.first_name | company.name |
individual.last_name | company.tax_id |
individual.id_number | company.address |
individual.address |
Payouts become disabled if the required information is not collected and verified by 600 USD in charges.
Form 1099-K
The table below lists the requirements for connected accounts with the tax_reporting_us_1099_k capability that have a business_type of individual or company. individual is also used for sole proprietorships, and company can be used for LLCs and partnerships.
| Individual | Company |
|---|---|
individual.first_name | company.name |
individual.last_name | company.tax_id |
individual.id_number | company.address |
individual.address |
Payouts become disabled if the required information is not collected and verified by 20,000 USD in charges.