If you use TicketLeap Payments in the U.S., the IRS requires TicketLeap to issue a Form 1099-K when you sell $5,000 or more in total gross sales during a calendar year. TicketLeap requires you to provide a completed Form W-9 so a Form 1099 can be generated.
You're required to enter taxpayer information if you meet these thresholds:
- Hosted events in the US and have US payouts
- Hosted events in the US and have international payouts
- Hosted events internationally and have US payouts
- Have a total gross revenue of $5000 or more
You still need to provide your taxpayer information if you're a nonprofit. TicketLeap is required by U.S. tax law to collect taxpayer information for all paid events, regardless of your tax status.
If your account meets these requirements, TicketLeap will send a W-9 form to the owner’s email address.
1099-K and Reporting Information
The 1099-K is an informational form that summarizes your account's sales activity. It is designed to assist you in reporting your taxes.
In January of each calendar year, TicketLeap emails a 1099-K to each qualified organizer who entered taxpayer information in their TicketLeap Account. If you did not receive your 1099-K or need it resent, please email contactus@ticketleap.com.
To be eligible for a 1099-K, your TicketLeap account must meet all of the following criteria in the previous calendar year:
- Based in the US or a US taxpayer
- More than $5,000 in gross volume
- More than zero transactions
It's important to note that the revenue amount provided in box 1a on a 1099-K form is the total amount transacted in your account on our platform. This is regardless of refunds, discounted prices, and fees. TicketLeap is unable to offer tax advice. Don't hesitate to contact a tax professional if you have questions about why the gross amount transacted is listed or how to report your 1099-K information.
TicketLeap is unable to offer tax advice. If you have questions about how to report the transactions listed in your 1099-K or why you must report gross revenue, please consult a tax professional.
You can visit the IRS's website for information about the 1099-K form.
