Lily30
New Member

Amending return after receiving a 1099-K from paypal for rebates

I just filed a few days ago and my return was accepted. I thought I was done and wasn't expecting anymore forms to add to the return. Then I get an email from paypal saying my 1099-K form was ready. Apparently I received a little over $5000 in payments.

 

However, these aren't actual payments, they're rebates.

 

Now my question is how do I fill out a 1040-x to include the $5000ish from paypal and then write it as a personal loss to remove it as income? I'm probably going to print out the 1040-x and mail it in with the 1099-k form, I just don't know how to fill it out and if there's another schedule form I need to send.