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W-9 Requirements for Sellers
Marketplaces like Mercari are required to collect W-9 identification information from certain sellers to verify identity and tax reporting information. This W-9 information is also necessary to ensure timely and accurate filing of Form 1099-K with the Internal Revenue Service.
Here’s what you need to know:
You’ll need to fill out a substitute W-9 form for your account before you meet or exceed the 1099-K gross sales filing threshold on Mercari.
We’ll send you a reminder when it’s time to submit your tax identification information.
If your gross sales reach the requisite reporting thresholds, at the end of the calendar year, Mercari will provide a 1099-K document which details your gross sales and other required and applicable information.
Once you’ve gone through this process, your W-9 will be saved in your account so you can easily update and/or confirm your information each year. We’ve put together a helpful FAQ for you below to learn more about these requirements and the W-9 process.
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Additional Questions
How do W-9 and 1099-K work together?
Consider the W-9 form as part of the input for the Form 1099-K. The information received from the Mercari verified W-9 form submission is used to distribute the 1099-K form to the correct individual, business entity, etc. and taxing authority during tax season.
Input: W-9
W-9 Tax Identification information form
Legal first and last name (individuals) or legal name of entity
Tax Identification Number (e.g. social security number, employer identification number)
Mailing or registered address
Tax Classification (Reporting status for income tax purposes)
Output: 1099-K
1099-K Tax reporting form
Issued to the individual or entity listed on W-9 form
Includes unadjusted gross reportable payments
Includes number of completed transactions aggregated from each unadjusted gross reportable payment
Only issued if individual or entity met the 1099-K reporting threshold for the calendar year
How frequently will I need to update my W-9 information?
Your W-9 information should be updated when there has been a change in your tax information, such as a last name change, change in address, change in tax classification, change in Tax Identification Number, etc.
What if I don’t submit my W-9 information?
If you don’t submit your substitute W-9 form when requested, your account and selling experience may be restricted. If you encounter account limitations due to missing W-9 information, you can provide your information at any time to begin resolving related restrictions.
How can I check if I am getting close to the gross sales threshold?
Sales are considered reportable and are aggregated toward the 1099-K threshold when the transactions complete. Please note that the completed date is not the same as the sold date, which is the date the item is purchased by the buyer. For example, if an item was purchased (sold) in late December, but the transaction was completed in the following January, it will be reportable on Form 1099-K for that January completion date.
You can view your gross sales by logging in to Mercari.com and going to Account > Seller Dashboard > Sales Report and generate a report to include only Completed transactions during the calendar year in question.
What should I do with the 1099-K form?
If you receive a 1099-K form, you should keep a copy of the 1099-K form with your tax records. This Form 1099-K should be considered at tax time as you may need this information for tax reporting purposes. We recommend that if you have questions about any tax reporting requirements, you should consult with your tax advisor, accountant and/or visit IRS.gov.
Want to learn more about your 1099-K?