Please note that Indiegogo cannot provide tax advice or guidance. We ask that any questions be directed to your tax accountant or the local tax authorities.
My campaign has received a notice that I need to fill out a tax form. What does that mean?
If your campaign has raised at least $20,000 and has at least 200 backers, you will receive a notice that you are required to fill out a tax form. Please complete the appropriate tax form, listed below. We recommend you refer to a tax accountant if you need help determining the correct form to fill out. Please make sure that the form the complete and correct.
The link for the W-8BEN (for individuals and sole-proprietors):
https://www.hellosign.com/s/af884852
The link for the W-8BEN-E (for corporations):
https://www.hellosign.com/s/176faddc
The link for the W-8IMY (for partnerships):
https://www.hellosign.com/s/900b64ac
The link for the W-9 can be found below:
https://www.hellosign.com/s/958f5e22
What is a 1099-K form?
In 2008, the United States Congress passed a law requiring businesses and individuals to report amounts received from third party organizations on a 1099-K form. The 1099-K form is used to report certain payment transactions to improve voluntary tax compliance.
Who receives a 1099-K?
The individual/business listed on the bank form may be liable for any applicable taxes and will receive a 1099-K if your campaign qualifies. If your campaign qualifies for a Form 1099-K, the information you provide on your bank form in the Campaign Editor will be used to send Form 1099-Ks.
Please be aware of the potential tax liability when filling out your bank form.
How are my funds reported on the 1099-K form?
The reported number is a gross amount. Gross amount means the total dollar amount of reportable payment transactions for each campaign owner. The amount does not take into account any credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts.
Requirements to Receive a 1099-K form
Either Indiegogo or our payment processor(s) will send a 1099-K form to campaign owners with US bank accounts who have met both the below criteria:
- Your campaign(s) have had contributions that exceeded $20,000 in gross funds raised
- Your campaign had more than 200 contributions.
The 1099-K is a purely informational form that summarizes the activity of your account and is designed to assist you in reporting your taxes. The amount reported on the 1099-K is based on the date of contribution(s).
Before we can send your 1099-K form, we will ask you to complete a W-9 tax form with your name, address and Tax Identification Number (TIN). Campaign owners who have satisfied both the criteria above will receive a form 1099-K by mail and email, either from Indiegogo, Stripe, or Paypal, depending on the processor of your funds.
Are there any exceptions to receive a 1099-K form?
Campaign Owners based in the following states are exempt from the 1099-K eligibility threshold:
- Massachusetts
- Vermont
Campaign owners based in these states will receive a 1099-K form if they have $600 or more in contributions.
What is a W-8?
A W-8 form is for Non-US based campaign owners. It certifies that you are a foreign/non-U.S. person receiving these funds that are not connected with a U.S. trade or business. Please note that the information provided on the W-8 form should be the information of the person/entity that is the account owner listed on the receiving bank account of the campaign.
What is a W-9?
A W-9 form is for US based campaign owners. We will ask you to complete a W-9 form with your name, address and tax identification number (TIN) before sending out a 1099-K form. Please note that we require the TIN of the person/entity listed on the receiving bank account of the campaign. The person/entity listed on the receiving bank account will be the one reported to the IRS.
What if my campaign(s) have not reached $20,000 and 200 contributions?
If your campaign does not meet these criteria, Indiegogo will not provide any tax documentation. We suggest you seek advice from your tax accountant on how to report your funds as we can not provide tax or legal advice.