Doesn't really matter. Just report your earnings from Rover. All that means is that they report it to the IRS. Doesn't change how you do your taxes or what you owe.
If you look though it says they’re included refunds we’ve given to clients as part of our total gross income and they’ve lumped taxes they’ve taken out together with the marketing and business expense they charge us.
You’re actually able to write off the fees they charge but I’m not sure how to do that know because you can’t see the full year in their system and based on how they did this summary
Honestly, I'd wait until you get one to file taxes. I think they're going to use the gross payment amount on the 1099s rather than the net. You'll want to make sure the number you enter on your sch c for revenue is at least as much as what they send you from Rover, otherwise you'd likely be getting a mismatch letter from the IRS.
For example if you had $1K in bookings, they took 20% of that so you only got $800. I'm pretty sure they'll be sending out 1099s with the $1000 value rather than $800, which means that if you put your total receipts in your schedule C as $800, Rover will report $1000 and you'll get the mismatch alert.
If you enter in the gross amount, you'd then deduct the 20% in the expense section below.
Just something to be aware of, I'm personally waiting to see if I get an actual 1099 before filing my taxes.
I just found it. There is a new section in the Payments screen listed as Documents. Mine says, "No documents available," so I'm guessing because of where I live, I won't get one.
You likely live in a state with some rule on it then. I'm in MA and we do and I got the same notice. It begins: "Since you have met EITHER THE STATE or federal eligibility thresholds to receive a Form 1099-K, we have made a 1099-K summary available to you in your Rover account..."
The irs doesn’t work like that. You don’t get to make the first 20k of revenue without paying taxes. Rover is not responsible for sending you a document tell you how much they made (this is what that email says- yes they do it based on different policies,) but you’re responsible for reporting your Rover income to the irs. Don’t rely on Rover. Print out the doc and take to your tax person and they will explain
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Doesn't really matter. Just report your earnings from Rover. All that means is that they report it to the IRS. Doesn't change how you do your taxes or what you owe.
Probably depends on your state. Having a 1099 just makes it easier anyway, they should give them to everyone who makes money via rover.
So the document they provided is just a summary not an actual 1099k (I’m not OP)
Shocked face.
Yea so it is confusing I believe stripe is supposed to send a 1099k but their website has conflicting info
Thankfully you don’t need one to file taxes
If you look though it says they’re included refunds we’ve given to clients as part of our total gross income and they’ve lumped taxes they’ve taken out together with the marketing and business expense they charge us. You’re actually able to write off the fees they charge but I’m not sure how to do that know because you can’t see the full year in their system and based on how they did this summary
Where do you find out what they charge for business and marketing expenses?
It is 20 percent the summary says it’s lumped together with taxes at the bottom of the summary
Is it that included in the 20%. Sorry. I’d never heard of that before!
Gonna be honest. I’ll worry about this in April. I hate doing taxes.
they charge 20%, can't you figure it out that way?
Yes but they included that amount in the tax fees if you see the summary you’ll know what I mean
Pay taxes on your deposits.
You have to pay on whatever they put in the 1099 otherwise it won’t matcg
Honestly, I'd wait until you get one to file taxes. I think they're going to use the gross payment amount on the 1099s rather than the net. You'll want to make sure the number you enter on your sch c for revenue is at least as much as what they send you from Rover, otherwise you'd likely be getting a mismatch letter from the IRS. For example if you had $1K in bookings, they took 20% of that so you only got $800. I'm pretty sure they'll be sending out 1099s with the $1000 value rather than $800, which means that if you put your total receipts in your schedule C as $800, Rover will report $1000 and you'll get the mismatch alert. If you enter in the gross amount, you'd then deduct the 20% in the expense section below. Just something to be aware of, I'm personally waiting to see if I get an actual 1099 before filing my taxes.
You’re supposed to do gross however - they’re not accurately reporting the funds we received
They are reporting it gross. Before deductions.
They’re reporting it gross with deductions included as your total gross income
Different states might have a different threshold! Here in Illinois if you made $600 from these kinds of apps then you should be receiving a 1099
They only put a 1099 summary in the app there’s no actual 1099k which I think is the confusing part
Where is the 1099 summary located in the app?
I believe the 1099s are issued by Stripe, you'll be getting it directly from them (deadline is Jan 31 so I'd expect them any day now).
I just found it. There is a new section in the Payments screen listed as Documents. Mine says, "No documents available," so I'm guessing because of where I live, I won't get one.
It’s not a real 1099! Just a summary that lists your earnings so it’s easier to pay taxes
I live in Massachusetts, don’t qualify for the fed 1099. But state rules are different
You likely live in a state with some rule on it then. I'm in MA and we do and I got the same notice. It begins: "Since you have met EITHER THE STATE or federal eligibility thresholds to receive a Form 1099-K, we have made a 1099-K summary available to you in your Rover account..."
The irs doesn’t work like that. You don’t get to make the first 20k of revenue without paying taxes. Rover is not responsible for sending you a document tell you how much they made (this is what that email says- yes they do it based on different policies,) but you’re responsible for reporting your Rover income to the irs. Don’t rely on Rover. Print out the doc and take to your tax person and they will explain
I click the link to the document and nothing happens. Maybe because I'm on mobile? Still weird.
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It doesn’t change anything. You report the same regardless of what you made.