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.

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 $20,000 and 200 transactions in the 2022 calendar year.

Anyone who exceeds $20,000 and 200 transactions in payments for goods and services through Stir (or any other payment app!) can expect to receive a Form 1099-K by January 31st, 2023.

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?

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:

Individual State Thresholds: