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.
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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 $20,000 and there are more than 200 transactions through Anchor, youâll receive a 1099-K form via our partner Stripe. Click here to visit the Stripe Support article.
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âImportant to keep in mind:
Emails will be sent out in phases starting in December 2023.
Eligible businesses, will be receiving an email from Stripe by mid-January 2024.
Filing requirements for some states might differ from federal requirements
The subject line is âGet your Anchor 2023 tax forms faster by enabling e-deliveryâ.
Starting in December: Stripe will email you instructions on how to set up a Stripe Express account. Youâll need to create an account to access and download your 1099 tax form. We strongly suggest opting into paperless delivery (i.e., agree to receive your 1099 tax form electronically via Stripe Express) to ensure you receive your 1099 quickly. You will need an account to download your 1099 tax form.
Before mid-January: Confirm your tax information (e.g., name, address, and SSN or EIN) is correct via Stripe Express. This information must match the information provided to Anchor.
By January 31, 2024:
Your 1099 tax form will be available to download via Stripe Express if you have agreed to paperless delivery.
Your 1099 tax form will be mailed to you. If you donât receive an email from Stripe or donât 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, 2024: IRS deadline to file individual tax returns. Youâll need your 1099 tax form to file your taxes.
If you received a Stripe 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 not to create a Stripe account, 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.