I have read all of the posts about putting in and then backing out incorrect amounts reported on a Paypal 1099K. However, the instructions for 2024 Schedule 1 say to report erroneous amounts on 1099K (or amounts relating to personal property sold at a loss, which would yield $0 taxable income) on the top unnumbered line of Schedule 1, not on line 8z as has been done in the past. How do you access this top line of Schedule 1 to report the error?
(I cancelled a contract, the company refunded my payment to me through Paypal, and Paypal reported it as income even though the amount was less than the 2024 threshold of $5,000. They won't correct the 1099K because it's my problem to report it correctly. So I originally put it in as other reportable income and then backed it out as refund of cancelled contract, and I've saved all my documents to prove this to the IRS should they ever send me a notice, but now I see from their instructions that there is a line on Schedule 1 for this purpose this year.)
Thank you in advance.
