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-MISC.
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.
How this applies to a tutor: Since the Form 1099-K requires the reporting of gross transaction volume, the amount reflected on your Form 1099-MISC is higher than your received payouts or profits.
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? 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.