How Is the Total on My 1099-K Calculated?

The Basics: On GoPrep, your gross sales refer to your earnings before deducting expenses.

If you are situated in the US or receive payments in USD, GoPrep is obligated to report your entire gross sales income made through GoPrep (via Stripe) on the 1099-K form.

Gross sales signify the complete amount paid by your buyers throughout the year, without subtracting various expenses, such as fees, refunds, shipping costs, and sales tax that you have collected.

Please note that this is not an exhaustive list of expenses that may not be reflected on your 1099-K form.

If you operate multiple GoPrep stores, your 1099-K may aggregate all your sales between each shop that has the same taxpayer ID number on record, and you can download the same 1099-K from your Stripe Express Dashboard.

Any payments not processed via GoPrep Payments will not be included in your 1099-K, such as in-person sales through Square.

According to the IRS, “gross amount means the total dollar amount of total reportable payment transactions for each participating payee without regard to any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts. The dollar amount of each transaction is determined on the date of the transaction.”

Don't hesitate to contact GoPrep's Customer Support Team for further assistance.

You can do so by submitting a request or sending an email at [e-mail].