Does Dwolla send 1099 forms?
Dwolla is required to send out 1099-K forms that are compulsory for all US payment processors. This is the only 1099 form Dwolla will send to customers.
This form will only be sent to organizations and individuals who:
1. Received greater than $20,000 in gross payment volume during a calendar year.
2. Received greater than 200 transactions during a calendar year.
If applicable, any other kind of tax form should be sent by the sending party in the transaction.
Internal Revenue Code (IRC) Section 6050W states that all US electronic payment processors are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain organizations and individuals who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. Dwolla is required to send this information to the IRS and will send out this form to any applicable parties at the beginning of the next calendar year.
Mar. 24, 2022