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Level 2
posted Feb 2, 2025 12:18:37 PM

Was given an incorrect 1099k and company won’t correct it! I received a gift and the money wasn’t for good or services.

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3 Replies
Expert Alumni
Feb 2, 2025 12:29:01 PM

If you received a prize, then it would be taxable income even if you felt it was a gift.  Keep the 1099-K in your tax file should you need it later.  

 

Without additional information the income can be reported as follows without actually entering a 1099-K.

  1. Sign into your TurboTax account
  2. Select Tax Home > Income > Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
  3. Scroll to Select Other Reportable Income
  4. Enter a description and amount

 

Level 2
Feb 2, 2025 12:32:57 PM

The money was a gift from my Mom, I thought if the amount was under a certain amount that I would not need to report it. 
‘thank you for any advice you may have 

Expert Alumni
Feb 2, 2025 12:48:45 PM

Yes, with the additional information you provided, you are correct that you will not be taxed on the receipts from your 1099-K.  If the gift was from your mother (note if it was more than $18,000 your mother may need to file a gift return), then it isn't taxable income. 1099-Ks aren't required over $5,000, but can be provided anyway. 

 

You can indicate this in TurboTax Online when you enter your 1099-K. Choose the option "This amount in box 1a is too high, and enter the amount of the gift. For example if the 1099-K shows $1,000 in box 1a, report the $1,000 in box 1a, check the box that the amount is too high, and enter the full $1,000 as the amount that shouldn't be included.