Squarespace Payments and 1099-K Forms
TL;DR:
- US-based Squarespace Payments users receive a 1099-K form for transactions over $5,000 (or your state's lower threshold)
- Keep your contact details current in Squarespace Payments settings to receive the form
- Forms are mailed by January 31 and can take up to 10 business days to arrive
- Contact Squarespace Customer Support if you don't receive your form or spot errors
Who Gets a 1099-K Form?
If you're selling through Squarespace Payments and based in the US, you'll receive a 1099-K tax form once your transactions hit $5,000 (or if your state has a lower threshold). This form reports the total amount from card or network payments before any deductions like fees or taxes.
How to Get Your 1099-K Form
To make sure you receive your 1099-K form without any hiccups:
- Open your Squarespace settings panel
- Go to 'Accept Credit Cards and More' and select 'Manage Settings'
- Check or update your contact details (legal name, address, and tax ID – SSN/EIN/ITIN)
- Be aware that changes may trigger account re-verification, which could temporarily affect payment processing
TL;DR:
FAQs
When will I receive my 1099-K form?
You should get your 1099-K form by early February since Squarespace posts them by January 31.
What if I didn't receive my 1099-K form?
If your sales exceed the federal or state threshold and you haven't received your form, contact Squarespace Customer Support.
How do I handle multiple payment platforms?
If you use both Stripe and Squarespace Payments and exceed $5,000 in transactions on both, expect a 1099-K form from each service.
What if my 1099-K form has incorrect information?
Contact Customer Support right away to correct any errors on your form.
What if the reported amount on my 1099-K is wrong?
The figure on your 1099-K represents gross payments. For a detailed breakdown, check your sales data in the Accounting panel on Squarespace, and contact support if discrepancies continue.
Jargon Buster
1099-K Form: A tax document used for reporting total payments from card or network transactions.
Squarespace Payments: Squarespace's built-in tool for processing payments on your website.
Federal Filing Threshold: The minimum amount you need to have transacted to require filing this tax form.
Customer Support: Squarespace's help desk ready to assist with your inquiries or issues.
Wrap-up
Getting your head around 1099-K forms with Squarespace Payments is straightforward once you know what to do. The key is keeping your personal and business information current for timely and accurate form delivery. If you run into issues, Squarespace's Customer Support is there to help you sort out any complications with your 1099-K forms.
Join Pixelhaze Academy for more Squarespace guidance and support.