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Same business payments listed on both 1099 NEC and 1099 K -

I run a small business. Some clients send me 1099 NEC forms. Some of these same payments are listed on PayPal and Stripe K-1s depending on how they paid me. 

 

Can I just ignore these forms and go by my own reports in QuickBooks? All these payments are already recorded there.

 

Thanks!

Christina

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Accepted Solutions
AmyC
Expert Alumni

Same business payments listed on both 1099 NEC and 1099 K -

You want to enter the 1099-NEC forms in as income for your business. The 1099-K can be entered but is not required. It is to help you determine your reportable income. The 1099-K lets the IRS know that income changed hands. As long as all of the income is accounted for on your return, you are fine.

 

References:

How does being self-employed affect my taxes?

IRS FAQ 1099-K

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1 Reply
AmyC
Expert Alumni

Same business payments listed on both 1099 NEC and 1099 K -

You want to enter the 1099-NEC forms in as income for your business. The 1099-K can be entered but is not required. It is to help you determine your reportable income. The 1099-K lets the IRS know that income changed hands. As long as all of the income is accounted for on your return, you are fine.

 

References:

How does being self-employed affect my taxes?

IRS FAQ 1099-K

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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