Common U.S. Space Owner Tax Questions
Disclaimer: As independent contractors, it is the responsibility of the Space Owners to keep track of their earnings and to accurately report them in their tax filings. General 1099 overview and Stripe FAQs can be found here as a reference. Any questions about what you have to report on your taxes should be directed to a tax professional, as Quora cannot provide you with tax advice.
I already have a Stripe account. Do I need to do anything?
If you already have a Stripe connected account, no additional sign-up is required. Please login with your previously created login credentials to update your Taxpayer Identification Number/Social Security Number, mailing address, etc. to ensure your information is correct and up-to-date before December 31, 2020. This will ensure accurate tax information reporting and timely delivery of your Form 1099-NEC or Form 1099-K, if required.
Why did I get a 1099?
In the United States, all Space Owners that earn $600 or more within a calendar year will receive a Form 1099-NEC (previously Form 1099-MISC). A 1099 form is used to report contractor earnings to the IRS. You only get a 1099 form after earning more than $600 with a company.
Why am I getting a Form 1099-NEC instead of Form 1099-MISC? What is the difference?
Form 1099-NEC is new for the 2020 tax year and reports nonemployee compensation earned over $600 with a company. Previously, nonemployee compensation was reported on Form 1099-MISC on Box 7 with the same earning threshold. The only difference is the form name, your personal tax reporting requirement will still be the same. If you have specific tax questions related to your personal situation, please consult a tax professional.
When will my Form 1099-NEC be available?
The 2020 Form 1099-NEC will not be available until February 1, 2021. You can expect the Form 1099-NEC to arrive within 3-5 business days of February 1, 2021 at the mailing address we have on file in your Stripe account.
Can I elect to receive my 1099 electronically in lieu of and/or in addition to paper delivery?
Unfortunately, Stripe does not support electronic delivery of your Form 1099-NEC at this time.
I am enrolled in both the Space Earnings Beta Program and Partner Program. Will I receive separate 1099s for my earnings in each program?
If you are enrolled in both programs under the same User ID, we will combine your earnings from both programs and report your total combined earnings on one Form 1099-NEC. Also, we determine 1099 filing requirement based on your total combined earnings in all programs, so even though you may not meet the $600 threshold in one program or both programs separately, you may still receive a Form 1099-NEC based on your total combined earnings in all programs for the calendar year.
I never received my 1099. What do I do?
Please make sure the mailing address in your Stripe account is up to date and correct, and contact email@example.com.
I believe the amount on my 1099 is not correct. What do I do?
For questions about the amounts included on your 1099 form, please contact firstname.lastname@example.org.