Income reporting and 1099-K income, is it doubling up?

[sbuyagawan]

I am a bit confused on reporting income via Square and a 1099-K from Square. I am self employed and I uploaded my Square income into my Wages and Income. I also qualified for a 1099-K through Square (same amount) and so I uploaded that as well. Now both are listed as income and have ultimately doubled my total income. Do I still need to be listing the Square income separately of the 1099-K or should I JUST be listing the 1099-K?

[SabrinaD2]

If you’ve entered both your transactions and the 1099-K, ensure your total income matches the amount on the 1099-K. 

Since the 1099-K already reflects your transactions, you only need to input it once to avoid doubling your income. Delete one of the entries to correct this.

Steps to Delete an Entry in TurboTax:

1. Open TurboTax
2. Go to the Income Section:
3. Scroll down to Self-Employment Income or 1099-K Income under Your Income.
4. Look for both the uploaded transactions and the 1099-K entry.
5. Click on the pencil next to the item you would like to delete
6. Click Edit/Delete (trash can) next to the income you want to remove.

(Suggestion: Keep the 1099-K since it matches the IRS records.)