Why did I receive a 1099-K?

The IRS has made changes affecting the thresholds of 1099-K reporting affecting all payment platforms, including Bushel Wallet. As a customer of Bushel Wallet, your transfers are performed through Dwolla, Inc.  Dwolla is required to report transactions received by users in its network to the IRS in a Form 1099-K if any single user receives more than $20,000 and exceeds 200 transactions in the 2022 tax year. Dwolla has determined that your payment receipts on the Bushel Wallet platform exceed this threshold and, as such, Dwolla will file a Form 1099-K. The 1099-K Form will be delivered to you electronically. 

If Dwolla has information that indicates you reside in a state where the threshold was already reduced, Dwolla will report the Form 1099-K to those states in accordance with each state’s threshold.