Dwolla, Wunder's bank services provider, may issue a 1099-K form at the end of each tax year, provided that you meet one of two qualifications:
- You have received more than 200 transactions within the tax year, and those transactions exceed $20K in total.
- You reside in the state of Massachusetts and you have received more than $600 in transactions within the tax year. Massachusetts is the only state that has this requirement.
What do I do with my 1099-K from Dwolla?
1099-K's from Dwolla are informational in nature and they are provided for your records. When reporting income for your tax year, please refer to the 1099 OID that Wunder has issued you.