Innago Help Center

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Does Innago Report Transactions to the IRS?

As a facilitator of electronic payments, we are required to report income received through Innago under IRS regulations. The current threshold as of the 2024 tax year for reporting is $5,000 in payments, from any number of deposits. In past years, the requirement was $20,000 in payments, from at least 200 deposits. As a result, significantly more of our users will receive reports this year and moving forward. Please click here to see the official announcement from the IRS’ website, which also includes their plans to lower the requirement further in 2025 and onward.

Please note, even if you have not hit the IRS’ current threshold to receive a 1099-K report, there are several states that require we issue a form based on their own requirements. Click here to see if you’ve met the requirement for your specific state.

For these reasons, we strongly suggest that you accurately assign bank accounts to the correct business entity in Innago. If bank accounts are not assigned correctly, the 1099-K form may be inaccurate. If you have any concerns about the structure of your business entity (especially with multiple owners), whether you should report under an SSN or an EIN etc., it would be best to consult with an accountant or tax professional.

What is Reported?

The 1099-K form is a gross income report. This means that any refunds, reversals, credits or any other relevant adjustments will not be accounted for on the 1099-K. It will be best for you to consult with an accountant or a tax professional with any concerns about this to discuss what filing options you have available.

Here are a couple of links to the IRS’ website for more information as well:

https://www.irs.gov/businesses/understanding-your-form-1099-k

https://www.irs.gov/newsroom/form-1099-k-faqs-general-information

How Will I Receive My Report?

You will be e-mailed an electronic copy of your 1099-K report directly from a third-party company named Dwolla. Typically, these will be received before January 31st of the following tax year. Please note, if you’ve received a 1099-K form and feel it needs to be corrected, please e-mail Dwolla directly at Support@Dwolla.com.