Required Verification Information for Taxes

If any of the 1099 capabilities are turned on, Payouts become disabled if the required information isn’t collected and verified by 600 USD in charges. When you apply the capability on a existing account with 600 USD or more in charges, the account’s Payouts immediately become disabled.

Required information (1099-K, 1099-MISC, 1099-NEC)

The following table lists the requirements for connected accounts with any of the 1099 capabilities. Stripe requires the business tax details except when the account is set up as a Single Person Entity (SPE) with a US-based representative, in which case we’ll use the representative’s personal tax details.

Stripe defines a Single Person Entity as follows:

• Individual: business type is individual
• Sole Proprietorship: business type is company and business structure is sole_proprietorship
• Single Member LLC: business type is company and business structure is single_member_llc

Even if you don’t add the 1099 capabilities and want to update the information directly in Stripe to file your 1099 forms, these are the fields to populate.