Legal disclaimer: The information provided is intended solely to explain how FishingBooker handles Form 1099-K reporting. It is for general informational purposes only and does not constitute legal, tax, or financial advice. For personalized tax or filing guidance, please consult a qualified tax professional.

What is a Form 1099-K?

The Form 1099-K is an informational tax form used to report payment transactions. It helps you accurately report your income to the IRS and your state tax authority.

This form helps ensure transparency and compliance with IRS reporting requirements for income earned through FishingBooker.

As a marketplace, FishingBooker is legally required to file 1099-K forms to the IRS (and to certain states) for connected accounts that meet federal or state reporting thresholds. Copies of the form are also provided to qualifying account holders for their own tax records.

Note: Regardless of whether you receive this form, you must still report all income earned on your tax return. 

Please be aware that FishingBooker will report the total amount of payments collected on your behalf, which should match the payouts you received from FishingBooker during the tax year. Please note that you are solely responsible for reporting other income not collected by FishingBooker.

Who Receives a Form 1099-K?

A 1099-K is typically issued to merchants or captains who have received payments through a Third-Party Settlement Organization (TPSO) - in this case, Stripe, which FishingBooker uses to process payments.

You’ll receive a 1099-K if your total gross payments meet or exceed the IRS reporting threshold for that year.

Thresholds for 1099-K Reporting

• 2024 - Over $5,000 without a transaction number limit
• 2025 - Over $2,500 without a transaction number limit
• 2026 and beyond - Over $600 without a transaction number limit

State-Specific Rules

Some U.S. states have their own reporting requirements with lower thresholds than the federal ones. If you’re based in one of these states, you may receive a 1099-K even if your earnings are below the federal threshold. Stripe automatically determines this based on your address and local rules.

What Does the Process Look Like?

FishingBooker issues all 1099-K forms via Stripe, our payment processing partner. Here’s how the process works:

Step 1: Review your draft form

In early November, the tax year opens, and you can review a draft of your 1099-K here.

Step 2: Verify your information

Review your details carefully and make sure everything is correct. If something doesn’t look right, please update it on your profile or reach out to us by January 15th. Check the following:

• EIN or SSN
• Business name and owner information
• Business address
• Reported earnings

Make sure your legal name and tax ID (EIN or SSN) match your official tax documents. Mismatched information can cause delays in filing or in IRS processing.

Step 3: Final submission

By January 22nd, FishingBooker files all finalized 1099-Ks with the IRS through Stripe. Stripe will then send you your finalized 1099-K form (electronically or by mail, depending on your preferences) by January 31st.

Deadlines and Important Dates

Need Help?

If you have questions about your 1099-K, please reach out to us.