PayPal 1099k

Forum|Forum|3 years ago
November 23, 2022
5 replies
28 views

Hi I have a question

so I have gotten a 1099k from PayPal, but I never sold anything. All of the money was from myself to another account to transfer money into my bank accounts to pay bills, and I didn’t get any profit. Do I just put the entire profit as erroneous? I don’t know why I would have to pay taxes when it’s my own money lol

Bsch4477

Level 15

What tax year are you filing for? But don’t worry. You will be able to zero out that reported amount and not pay tax on it.

Jawhdavi7 Author

Level 2

It’s going to be this year 2022

Bsch4477

Level 15

You can’t file until late January so don’t do anything yet. Lots of people will be in the same situation for tax year 2022. One way of handling it would be to complete SchC as self employed, report the amount as income and then claim a business deduction for the same amount as “1099-K amount not taxable income “. There may be simpler ways to handle it so keep posted.