Taxes

Taxes

Let’s face it - taxes can be confusing. While we can’t offer specific tax advice, the Stir team is here to help you understand what to expect from Stir during the upcoming tax season. We have also compiled a list of frequently asked questions from other creators and managers to help you navigate taxes with ease.

Does Stir report money I received?
Does Stir report money I received?
Does Stir withhold taxes?
Does Stir withhold taxes?
How to reconcile multiple platform 1099-Ks?
How to reconcile multiple platform 1099-Ks?
What is 1099-K?
What is 1099-K?
Will I receive 1099-K from Stir?
Will I receive 1099-K from Stir?

General FAQ for US Creators & Managers

Is Stir required to report money I have received on Stir?

In compliance with IRS regulations, Stir (along with other payment providers like Venmo for example) are required to report to the IRS the total payment volume received by Stir users whose payments meet or exceed $600 in the 2022 calendar year.

Anyone who receives at least $600 in payments for goods and services through Stir (or any other payment app!) can expect to receive a Form 1099-K.

Does Stir withhold any taxes from my payments?

No. Stir does not withhold any taxes from payments or splits we process.

How does Stir calculate total payments received?

To calculate the total amount a Stir user has received in 2022, Stir calculates payments received from Payments, Splits, Invoices, and/or directly from Platform payouts.

What are important key dates I should be aware of?

  1. Submit and confirm your tax information by December 15th, 2022
  2. Stir will provide you a copy of your 1099-K (if required) by January 31st, 2023 via email

I split Youtube or OnlyFans payouts on Stir and receive a 1099-K directly from the platform, how do I reconcile all of my 1099-Ks that might have the same revenue listed?

It is not uncommon to receive multiple 1099-Ks from both platforms and payment processors. To avoid “double counting” revenue, it’s important to list payments sent to or shared with other teammates on your tax return. You are only taxed on your income after all expenses are deducted.

If it’s helpful, Stir partners with tax experts to help our managers and creators prepare their returns. Email jess@usestir.com if you would like to be connected with a tax prep expert!

What is Form 1099-K?

Form 1099-K is an IRS document used to report payments for goods and services. Organizations that facilitates these payments, like Stir (and Paypal, Venmo, Stripe, Upwork to name a few others), are required by law to file 1099-Ks with the IRS and send copies to the payment recipients.

Will I receive a 1099-K form from Stir in 2023 (for tax year 2022)?

You will only receive a Form 1099-K from Stir if you are in the United States and reach the following threshold for the 2022 calendar year and moving forward:

LOCATION
EARNINGS
All US States
$600 USD in a calendar year

Previous Thresholds (not applicable for 2022 calendar year earnings):

US STATE
EARNINGS
All US States
$20k+ USD in a calendar year
Arkansas
$2,500+ USD in a calendar year
Illinois
$1,000+ USD in a calendar year
New Jersey
$1,000+ USD in a calendar year
Connecticut
$600+ USD in a calendar year
District of Columbia
$600+ USD in a calendar year
Massachusetts
$600+ USD in a calendar year
Maryland
$600+ USD in a calendar year
Mississippi
$600+ USD in a calendar year
Virginia
$600+ USD in a calendar year
Vermont
$600+ USD in a calendar year