Form 1099-K (2023)

Learn more about the eligibility requirements and common questions surrounding the IRS 1099-K form to prepare for tax season.

The IRS form 1099-K is issued for all programs that process more than $20K and 200 ONLINE transactions in the given tax year. This form reports the total gross volume of online payment transactions made through brightwheel. Brightwheel will mail a 1099-K for each program that meets these requirements by January 31st. These requirements may vary by state, and we recommend you consult a tax advisor with any specific questions.

(Video) IRS Announcement | IRS Changes $600 Tax Rule | 1099-K Update

This includes entities that are non-profit/tax-exempt etc, since brightwheel is legally obligated to issue these forms to all eligible US-based users regardless of their business type. We recommend consulting a tax advisor to learn more about this form and how you should use it.

Please Note: For those not eligible to receive a 1099-K or for those needing a breakdown of revenue or transactions, the Billing Transactions Report is the best place to find information on revenue, transactions, and processing fees.

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Can Providers Access their 1099-K online?

No. 1099-K forms are not accessible online. They will be mailed out in January to the address on file within the customer's school settings in brightwheel. If any of this information needs to be updated, review the Changing Tax Details article for specific steps that must be completed before December 15th.

Providers can request a digital 1099-K copy if they have not received their paper copy in the mail after January 31st.

Do Multi Sites receive 1 or several 1099-Ks?

1099 forms will be sent to each location separately. Brightwheel does not issue one form for an entire organization.

(Video) IRS Delays 1099-K $600 Reporting Threshold

What is Stripe?

Stripe is the payment processor brightwheel utilizes to offer online payments.

What about parents?

Parents can pull their own tax reports from within their profiles.

1099-K Discrepancies

Our platform will have monthly reporting differences depending on how you view the payments. On your platform, you will see the transactions on a 'created' basis, meaning as soon as a parent/customer pays, it will show up as a transaction. However, from a reporting perspective, it will be recorded on an 'available' basis, meaning it has passed through any approval/authorization before you can fully withdraw it or have it as part of your available payout balance. It is very similar to when you charge something on your personal credit card. It will show up in your credit card statement immediately as pending (created) but not posted to your statement account balance (available) until 2-3 business days later.

EX: Parents paid 12/29/2022 but did not post until 1/2/2023

(Video) The New 1099-K $600 Rule Explained | Rob.CPA

Review all tax-related resources below!

Please Note: This publication is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual's legal, tax, and financial situation differs, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, CPA, and/or other advisors regarding your specific situation.


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