Disclaimer: If you have any questions about what to report on your taxes, you should consult with a tax professional. Anchor cannot provide you with tax advice nor can we verify the accuracy of any publicly available tax guidance online.
Anchor does not provide a breakdown of your total earnings and you are responsible for keeping track of your earnings and accurately reporting them in tax filings.
Keep in mind: Anchor does not automatically withhold taxes. We calculate the subtotal of your earnings based on the date the earnings were collected.
For 1099-K forms, the IRS requires filing if, in a calendar year, the gross amount of total reportable payments exceeds $20,000 and there are more than 200 transactions. Filing requirements for some states might differ from federal requirements.
If in a calendar year, the gross amount of total reportable payments exceeds $5,000 through Anchor, you’ll receive a 1099-K.
Important to keep in mind:
Eligible businesses, will be receiving an email by mid-January 2025.
The subject line is “Get your Anchor 2024 tax forms faster by enabling e-delivery”.
Before mid-January: Confirm your tax information (e.g., name, address, and SSN or EIN) is correct.
By January 31, 2025:
Your 1099 tax form will be mailed to you. If you don’t receive an email from or don’t agree to paperless delivery, please allow up to 10 business days for mail delivery.
Anchor will file your 1099 tax form with the IRS and relevant state tax authorities.
April 15, 2025: IRS deadline to file individual tax returns. You’ll need your 1099 tax form to file your taxes.
If you received an email asking you to confirm your TIN (Tax Identification Number) in order to keep your account active, please use the unique link sent to you. This information is used to ensure we have the correct TIN number for every business on the platform. This email was only sent to certain businesses so if you did not receive one, that means we have your correct information and no action is needed.