That's not exactly comforting that we should be confused.
I was indeed very confused initially, but thought the explanation of "zeroing out" or "reversing" the non-income from the 1099k (deposits/fees/no actual income earned) was very straight forward and explicitly outlined as guidance by the IRS themselves. (I used "other" for the "income" selection versus hobby or business).
The IRS is going to be INUNDATED with these 1099Ks this year. There's no way they go after all of them. Especially with things like gambling legalized across most states and the ridiculous issuance of these 1099K's that completely ignore deposits and only show withdrawals. It's honestly ludicrous.
I currently feel pretty good about "zeroing out" and "reversing" the 1099K "income" I received (almost $200k), as my PayPal essentially functions as a tertiary bank account. I am wrong for feeling that way?
