godinu1
Returning Member

1099-K from Paypal has far more than income on it

Paypal sent me a 1099-k for every penny that landed in my paypal account last year, but only part of it is income, and some of that has overlap. I don't know how to file because:  a) 2 clients sent me a 1099-NEC, and they also paid me through Paypal, so Paypal reported that income too. My other clients who pay through Paypal did not send any 1099s. b) I bought and sold crypto numerous times; I used my paypal funds to buy crypto at a third-party site and cashed out crypto into my paypal account. All of this was reported in my lump 1099k but it's not income, it's me sending my own money from my crypto account back into paypal. I am at a loss on how to deal with any of this in TurboTax because of that 1099k, which makes my income look like about double what it really was for the year. It woud've been much easier to resolve just reporting my clients individually, etc.