Form 1099-K is a tax information form used to report certain payments received through payment cards, payment apps, and online marketplaces.
If a form is issued for your Theatr sales, it reports the gross payments processed for you during the applicable calendar year.
When might I receive Form 1099-K?
The federal reporting threshold for payments through online marketplaces is currently more than $20,000 in gross payments and more than 200 transactions during a calendar year.
However:
A form may be issued even if you are below the federal threshold.
Some states have lower reporting thresholds.
Reporting requirements may change.
For the most current requirements, see the IRS’s Form 1099-K guidance.
When will I receive it?
If a Form 1099-K is issued, it is generally provided by January 31 following the applicable calendar year. You may receive instructions from Theatr’s payment processor about accessing the form electronically.
Make sure the name, address, and taxpayer information associated with your payout account are current.
Does receiving Form 1099-K mean the entire amount is taxable?
Not necessarily. Form 1099-K reports gross payments and does not account for:
What you originally paid for the tickets
Original ticketing fees
Refunds
Whether you sold the tickets at a gain or loss
Other costs that may affect your individual tax situation
Keep your original receipts, proof of purchase, sales records, and refund records.
What if I don’t receive a form?
Not receiving Form 1099-K does not by itself determine whether income needs to be reported. Tax treatment depends on your individual circumstances.
Theatr cannot determine how a sale should be reported on your tax return. The IRS provides additional Form 1099-K FAQs, and a qualified tax professional can help you apply the rules to your situation.
What if the information on my form is incorrect?
Follow the contact instructions provided with the form. When contacting Theatr or the payment processor, explain which information appears incorrect and provide the correct information.