What Is a 1099-K?
A 1099-K is a tax form issued by payment processors (such as Stripe) that reports the gross amount of payment transactions processed on your behalf during the calendar year. This includes payments collected from customers through credit cards, debit cards, and other electronic payment methods.
The 1099-K is used for tax reporting purposes and may be required when filing your business taxes.
Important: The amounts reported on a 1099-K are gross totals and do not reflect your net revenue.
“Total Gross Volume” on the 1099-K Form
The Total Gross Volume shown on your 1099-K represents the total of all charges processed through Stripe for the year. This calculation includes:
Stripe processing and currency conversion fees
Shipping fees
Taxes
Refunded charges
All other adjustments
These fees, refunds, and adjustments are not deducted from your total charges when calculating gross volume. Stripe is required to report this full amount to the IRS, even though it may be higher than your actual take-home revenue.
When and How You’ll Receive Your 1099-K
Stripe is responsible for generating and mailing your 1099-K form.
Delivery method: Mailed via USPS
Mailing deadline: January 31st
Sender: Stripe (not Walla)
If you qualify to receive a 1099-K, it will be mailed to the address on file in your Stripe account.
Confirm Your Mailing Address
To ensure your 1099-K is delivered correctly, please confirm that your mailing address is accurate.
You can review and update your information in Walla by navigating to:
Settings → Company Info → Stripe Owner Info
Any updates made here will sync with Stripe and be used for tax form delivery.
Frequently Asked Questions (FAQ)
Why does my 1099-K amount look higher than expected?
The 1099-K reports gross payment volume, not your net income. This means it includes fees, taxes, shipping, refunds, and other adjustments that you may not actually keep as revenue.
What if I didn’t receive my 1099-K?
If you qualify for a 1099-K and do not receive it by early February:
Verify your mailing address in Settings → Company Info → Stripe Owner Info
Contact Walla support directly for re-delivery options
Do refunds reduce the amount reported on my 1099-K?
No. Refunded charges are included in your total gross volume and are not deducted from the amount reported to the IRS.
What should I do if the information on my 1099-K is incorrect?
If your business details or totals appear incorrect, please contact Walla Support.
Should I talk to a tax professional?
Yes. Because the 1099-K reports gross volume and not taxable income, we strongly recommend working with a qualified tax professional to ensure accurate tax filing.