The IRS Form 1099-K is issued for all U.S. providers that process $5,000 or more on brightwheel in the 2024 tax year.
The 1099-K reports the total gross volume of online payment transactions made through brightwheel. Brightwheel will mail a 1099-K for each program that meets these requirements by January 31st. These requirements may vary by state, and we recommend you consult a tax advisor with any specific questions.
This includes entities that are non-profit/tax-exempt etc, since brightwheel is legally obligated to issue these forms to all eligible US-based users regardless of their business type. We recommend consulting a tax advisor to learn more about this form and how you should use it.
If needed, quickly pull reporting on how much your program received for a given charge category and date range with the Revenue Report. Learn how to pull this report in our Tax Season Reporting for Providers resource.
FAQs
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Form 1099-K Discrepancies ↓
Form 1099-K Discrepancies ↓
Our platform will have monthly reporting differences depending on how you view the payments. On your platform, you will see the transactions on a 'created' basis, meaning as soon as a parent/customer pays, it will show up as a transaction. However, from a reporting perspective, it will be recorded on an 'available' basis, meaning it has passed through any approval/authorization before you can fully withdraw it or have it as part of your available payout balance. It is very similar to when you charge something on your personal credit card. It will show up in your credit card statement immediately as pending (created) but not posted to your statement account balance (available) until 2-3 business days later.
EX: Parents paid 12/29/2024 but did not post until 1/2/2025
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This publication is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual's legal, tax, and financial situation differs, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, CPA, and/or other advisors regarding your specific situation.