GoPeer Tutors are classified as Independent Contractors, which means that taxes are not withheld throughout the year. If you earn over $600 through GoPeer in the calendar year, we will request your tax information in order to send you a form 1099-NEC.
You will be reporting the gross transaction volume. Why?
Background: IRS guidelines require that a Form 1099-K (GoPeer receives the Form 1099-K) display the gross transaction volume processed by the account during the previous year. The gross transaction volume is the total dollar amount of all reportable payment transactions for each participating payee without regard to any adjustments for credits, cash equivalents, discount amounts, fees, disputes, refunded amounts, or any other amounts.
Important Information
How this applies to a tutor: Since Form 1099-K requires the reporting of gross transaction volume, which is your received payouts or profits on your Form 1099-NEC.
GoPeer will send you a report of fees paid during the tax year can, allowing you to deduct these from the reported gross for tax purposes.
When will I receive my 1099-NEC? We will send you the form via physical mail and you'll receive your documents no later than February 1. Please keep in mind that April 17 is the deadline to file your taxes with the IRS.
How do I appropriately file my taxes? GoPeer does not provide tax advice. It is your responsibility to file your taxes at the end of the year, but don't worry, we'll let you know when it's getting close to that time of year. We recommend that you seek guidance from a qualified tax service like TurboTax or H&R Block and/or contact an independent tax professional for specific answers to tax questions. You can also check out the IRS website for more information. We’ve included some helpful links below as well.
Safety & Security
When you update your information via the manage payouts section on the GoPeer website, you are updating through our very secure payment processing system called Stripe so your information is safe (Stripe is also used by Amazon, Lyft, Google, Spotify, Zillow, Yelp, OpenTable, Expedia, Kickstarter, Warby Parker, Slack, and many others). Stripe has been audited by a PCI-certified auditor and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry.
Helpful Links:
Questions?
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