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

[cblack0212]

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

[AmyC · Accepted solution]

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