First things first. First, enter the 1099-K as many times as necessary for each category. Then, the IRS will verify that the totals match. If the IRS chooses to audit you, you can show them the paper trail.
First, grab a calculator or make a spreadsheet. Next, go to the income section, scroll down to Other Common Income. Select income from 1099-K.
Since you received a 1099-K for multiple things, you have to break it down for each category.
- If you had hobby income, select that button, enter the 1099-K information except the income. Instead, use your calculator determine all income related to hobby and enter that amount.
- Next, personal item sales, enter the 1099-K information again except for the income. Use the calculator and determine the personal item sales.
- Continue doing this through all of the options that apply to you.
Enter the same 1099-k information over and over but with the correct amount for each category.
@Anonymous86
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