Questions answered in this article:

  • What is a 1099-K Form?
  • Who is Stripe, and Why Am I Getting Their Emails About My 1099-K?
  • Do I Qualify for a 1099-K?
  • How Do I Access My 1099-K Form?
  • How Are 1099-K Totals Calculated?
  • Why Doesn’t My 1099-K Match My Therabyte Payments Transaction Report?
  • Why Doesn’t My 1099-K Match My Therabyte Payments Monthly Summary?
  • My Business Details on the 1099-K Are Incorrect
  • What Should I Do with My 1099-K?
  • I Don’t Qualify for a 1099-K but Need Credit Card Records

What is a 1099-K Form?

  • A 1099-K is an IRS informational document provided to qualifying Therabyte Payments accounts. It summarizes annual credit card transactions processed through Therabyte Payments.


Who is Stripe, and Why Am I Getting Their Emails About My 1099-K?

  • Therabyte partners with Stripe to handle payments and tax filings. Stripe manages 1099-K forms for Therabyte users and typically sends emails from express@stripe.com. 


Do I Qualify for a 1099-K?

  • U.S.-based Therabyte clinics will receive a 1099-K if they processed $5,000 or more in payments during the past year.


How Do I Access My 1099-K Form?

  1. Go to Settings > Therabyte Pay in your Therabyte account.
  2. Click the Connect to Stripe Express button, then Visit Stripe Dashboard.
  3. Under Tax Forms, download your 1099-K.


How Are 1099-K Totals Calculated?

  • Gross Processing Amounts: Includes all transactions before fees or refunds.
  • Deposit Timing: Reflects when funds reflected in your bank account, not when transactions occurred.
    Example: A payment processed on October 31, 2024, but deposited on November 2, 2024, will appear on your 2024 1099-K under November.


Why Doesn’t My 1099-K Match My Therabyte Payments Transaction Report?

  • Adjust Date Ranges: The 1099-K shows deposits by calendar year. In Therabyte’s Transaction Report, set the date range to include payments processed in late 2023 (but deposited in 2024) through December 31, 2024.
  • Add Refunds: Manually include refund amounts to the report’s “Gross Total” for accuracy.


Why Doesn’t My 1099-K Match My Therabyte Payments Monthly Summary?

  • Therabyte Monthly Summary: Shows transactions by processing date (excludes refunds).
  • 1099-K: Reflects deposit dates (also excludes refunds).
    Note: Discrepancies in totals or transaction counts may arise due to timing differences.


My Business Details on the 1099-K Are Incorrect

Update your info via:

  1. Settings > Therabyte Pay > Connect to Stripe Express button > Visit Stripe Dashboard.
  2. Click your profile icon (top right) and edit your business details.
  3. Contact Therabyte Support at support@therabyte.com to request an updated form.


What Should I Do with My 1099-K?

  • Submit it to the IRS with your tax filings. Therabyte provides tools to manage your practice, not tax advice. Consult a tax professional for filing guidance.


I Don’t Qualify for a 1099-K but Need Credit Card Records

Generate the Therabyte Payments Monthly Summary:

  1. Go to Settings > Therabyte Pay > Payouts.
  2. Select Monthly Processing Report for a breakdown of annual transactions (excludes refunds).


Need more help? Reach out to Therabyte Support at support@therabyte.com. Happy filing ✨