Dwolla is required to send out 1099-K forms that are required of all US payment processors.  This is the only 1099 form Dwolla will send to our 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.

More details on why Dwolla is required to send out 1099-K forms:

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.

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Financial institutions play an important role in the Dwolla network.

Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.