I have a 1099k from PayPal for receiving manufacturer/seller rebates as payments. How do I report it?

[bhavanishankar]

I have a 1099k from PayPal for receiving manufacturer/seller rebates as payments. The new $1000 requirement from IL generated the 1099-K form.  I am unable to enter negative number as per the solution in this link. 

I have a 1099k from PayPal for receiving manufacturer/seller rebates as payments. How do I report it...

Can someone help me with this? 

[JohnB5677]

In Home & Business the 1099-K is entered in the Business section of your return.

The heading is Let's enter the income for your work.

• Under Business Income
• Select General Income
• It will ask for Type of Income
• Description 1099-K and the Payer's name
• Then enter the Amount and Continue
•  
• Since Rebates are not taxable we will have to offset them.
• In the same area go to Income You Gave Back
• Enter the same description you had above 1099-K and the Payer's name
• Then enter the Amount and Continue

This will properly report both the 1099-K and yield a correct taxable amount.