The 1099-K Tax Form DOES NOT replace your officiating organization's reporting requirements.

Dwolla may issue a 1099-K tax form to individuals that meet the reporting thresholds when using the Payment Center service. However, this tax form is entirely separate, and IN ADDITION TO any tax reporting requirements your officiating organization has.

Officiating organizations must still comply with state & federal reporting thresholds for W-2, 1099-NEC, and/or 1099-MISC tax forms. A 1099-K tax form does not replace this reporting requirement. You should consult your tax advisor to determine your tax reporting requirements.

For example, many officials may meet both the 1099-K and 1099-NEC reporting requirements. In that scenario, they should receive a 1099-K from Dwolla AND a 1099-NEC from their officiating organization for the exact same earnings.

Both the federal and state Form 1099-K are informational returns, and the gross payments reported on a Form 1099-K do not necessarily represent reportable income. The form should be used in conjunction with other tax forms (like W-2's, 1099-MISC, and 1099-NEC forms) and tax records (bank statements, invoices, etc.) to determine your taxable income. You should consult your tax advisor to determine your tax reporting requirements.

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