Will I receive a 1099 for selling on Raise?

Here’s what you need to know:
Starting January 1, 2022, you’ll need to fill out a substitute W-9 form for your account to sell $600 or more in gross sales on Raise Marketplace
We’ll send you a reminder when it’s time to submit your tax identification information
At the end of the calendar year, Raise Marketplace will provide a 1099-K document which details your gross

Will I receive a 1099-K for selling on Raise?

Beginning January 1, 2022, marketplaces like Raise are required to collect W-9 identification information from sellers who gross $600 or more in sales in a calendar year. This W-9 information is necessary to ensure timely and accurate filing of Form 1099-K with the Internal Revenue Service.

You may be asked to provide your tax identification number (TIN), such as a Social Security Number (SSN) or Employer Identification Number (EIN), to your existing account, if you don’t already have one on file. If your TIN fails verification, you’ll need to fill out an equivalent tax form W-9.

If you cross the IRS thresholds in a given calendar year, Raise Marketplace will send Form 1099-K to you and the IRS for that tax year, the following year.

What if I don’t submit my W-9 information?

If you don’t submit your TIN or substitute W-9 form when requested, your account and selling experience may be restricted. If you encounter account limitations due to missing W-9 information, you can provide your information at any time to resolve related restrictions.

How can I check if I am getting close to the $600 gross sales threshold?

You can view your gross sales by logging in to Raise.com and going to Account > My Listings > Withdrawal History. Gross sales include the sold item’s price, buyer paid shipping, and applicable sales tax and does not take into account deductions for refunds, cancelled transactions, etc.

What should I do with the 1099-K form?

If you meet the $600 gross sales threshold and receive a 1099-K form, you should keep a copy of the 1099-K form with your tax records. This Form 1099-K should be considered at tax time as you may need this information for tax reporting purposes. We recommend that if you have questions about any tax reporting requirements, you should consult with your tax advisor, accountant or visit IRS.gov.

Does this tax reporting change affect my 2021 gross sales?

This tax reporting change begins on January 1, 2022, for the 2022 calendar tax year and does not affect existing requirements for calendar year 2021. Sales that count towards the $600 gross sales threshold include orders completed including sales payment on January 1, 2022 or later in the year. This includes orders made before January 1, 2022, but that are completed on or after that date.