Will I receive a 1099 from Wellevate?
Stripe, not Wellevate, will prepare a 1099 for you if you have over $20,000 in total gross volume and 200 charges through Stripe. If you meet the requirements your 1099 will be available to download through your Stripe account. If you would like a physical copy of your 1099 contact Stripe with your request prior to January 19th.
How do I get my 1099?
Log into your Stripe account at stripe.com and click “business settings” on your dashboard. From there, click the “documents” tab. You will then have to option to download your 1099.
When will I get my 1099?
1099s will be available prior to January 24th.
Why is the total gross volume higher than I anticipated?
Total gross volume includes all charges from your patients for the year the 1099 is issued. This works the same way as any credit card systems you would utilize in your office.
Why doesn’t my 1099 show my profit?
Wellevate was designed to mirror an in office sale but online. Even if you do not or never have had in office sales, you are transacting between you and your patients.
I didn’t earn this much money, am I going to be taxed on the total gross volume?
Your total gross volume is simply the total of all your sales throughout the year between you are your patients. You need to deduct your costs to arrive at net profit for your taxes. Potential costs for you to consider are any discounts you gave to your patients, Wellevate service fees, the cost of the products from Emerson Ecologics that you sold to your patients and the cost of shipping.
To help make this easier for you, we will send you an email with the calculation of your net profits in March 2018.
Below is a helpful link from Stripe on how to report your 1099 on your taxes. As always, it is important to review with your tax advisors.
What if I didn’t get a 1099?
You will only receive a 1099 if you have over $20,000 in total gross volume and 200 charges through your Wellevate account. However, you still have to pay taxes on your net Wellevate profits, even if you don’t get a 1099. We will send you an email with the calculation of your net profits in March 2018 to help make this process easier for you.