As an independent contractor, managing your tax obligations is crucial. This article explains the process of receiving your tax forms from One Legal and Dwolla, ensuring you have the necessary documentation to meet your tax responsibilities efficiently.
Who Receives a 1099-K or 1099 Form?
Eligibility Criteria
Earnings Threshold: If you have earned more than $600 from One Legal in any given tax year, you may be eligible to receive a 1099-K or 1099 form (or even a 1099-NEC form). These forms is crucial for reporting your income to the IRS although you may not receive an actual form if certain thresholds are not met.
Type of Business Entity:
Sole Proprietors, Partnerships, and Unincorporated Contractors: These entities may receive 1099-K or 1099 forms as they are required to report this income under their personal tax filings. Whether you receive an actual form from Dwolla or from One Legal directly will depend on your level of earnings. - Contractors receiving over $20,000.00 or more and over 200 transactions in 2025 via the Wallet (2025 IRS Threshold) in the previous year will receive a 1099-K from Dwolla.
- Contractor receiving payments exceeding $600 via ACH or eCheck will receiveIf you do not qualify for a 1099-K or 1099, the Wallet tab in your ServeManager account will easily provide you with the necessary amounts for 2025 for your tax reporting.
S and C Corporations: Typically, these types of corporations do not receive 1099 forms because they are subject to different reporting requirements.
When and How Will You Receive Your 1099-K or 1099 Form?
Distribution Timeline
Mailing Date: 1099-K and 1099 forms are sent out via email at the end of January each year to ensure you receive them by mid-February, well in advance of the tax filing deadline.
Delivery Method: Depending on whether you receive payment from the Wallet or ACH/eCheck, you may receive a 1099-K form from Dwolla or a 1099 form from One Legal. Ensuring your contact information and delivery preferences are up-to-date in the ServeManager system or in your Wallet account is essential for receiving your documents promptly.
What If You Haven’t Received Your Tax Documents?
Missing Documents
Deadline: If you have not received your 1099-K or 1099 form by February 15th and you meet the eligibility criteria, it’s important to act quickly to ensure you can file your taxes on time.
Requesting a Copy: To request a copy of your 1099-K form, please contact Dwolla through their Customer Support channel. To request a copy of your 1099 form (ACH and/or eCheck payments only), please contact us directly at [email protected]. Provide your full name, the email associated with your account, and a brief message stating that you have not received your tax documents.
No Documents Issued
Wallet (Dwolla)
Contractors utilizing the Wallet and receiving less than $20,000 or 200 transactions will not receive a 1099-K form for 2025. Please utilize the Wallet tab in ServeManager to generate the amount that you will use to calculate your taxes.
