Thanks Diane for your input.
I have a follow up question please.
As I read this below, let's say I put in the amount listed on the 1099 K under "other".
Since this was my money coming and going out of paypal, and winnings did not exceed losses, if I enter "zero" instead of 16,263, how would the "income" be reported to the IRS? The 1099 K would not match the manual entry of "0" that I entered.
I would prefer not to itemize gambling winnings and losses as my standard deduction is far greater than if I itemized.
Thanks.
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Enter your 1099-K and you are allowed to reduce it for any amount that was money you already earned from another source and placed into your account, then withdrew the same funds.
- If you use the 1099-K entry you will not be asked to select 'gambling winnings' so you will select 'Other'. For this reason the question about losses will not be asked but the income will be reported.
