1099-K Tax Reporting Details

Tax Reporting - 1099s

Correctly filing taxes based on business income made through Castiron is the responsibility of each artisan. 

In late January, you will receive a 1099-K document from Stripe, our payment processor, if your business has crossed federal or state revenue thresholds. You will receive this document on or about 1/31/2022. Please make sure your contact information is accurate by reviewing the Payout and professional details at the bottom of this page: Link to Stripe

Due to IRS regulations, Castiron and other platforms must report the gross amount of transactions, including all fees whether paid for by you or your end customer. Castiron will provide you with a separate report breaking down your 2021 sales figures. This breakdown will include the revenue you received directly, the associated Stripe Fees, and Castiron fees broken out. 

Please consult a tax professional on how to treat your Castiron earnings and associated fees.

For returns for calendar years before 2022, 1099-K forms will be generated for businesses with:

• Gross payments exceeding $20,000 in aggregate during the course of the year, AND
• 200 or more transactions during the course of the year
• OR meet state-specific payment requirements

For returns for calendar years after 2021:

• Gross payments that exceed $600 in aggregate during the calendar year
• Any number of transactions

You can find more details directly from the IRS at this link: https://www.irs.gov/businesses/understanding-your-form-1099-k