This is a common question that has been asked over the years and I have read the previous topics but I still have questions, since Turbotax changes each year.
So I have a 1099K that includes some transactions that I am also reporting in a 1099-NEC.
I am aware I file the full amount of the 1099-NEC, no questions there. The problem is how do I enter the amount in the 1099K.
I can see there's a new field called "This amount in box 1a is too high or includes some personal transactions". However, I am unsure whether to use this field or not. The help item does not mention being used to handle duplicate transactions, and even says that I should contact the payer to get this fixed. For this reason, I am assuming I should not use this field.
Previous answers say I should enter a negative income to "cancel" it out. Some say this works, some say it doesn't. Other posts say to put this as an expense, which I do not believe it's accurate. So what should I do?
The payer for the 1099-k is paypal and basically i received a payment from an entity using paypal that was a bit over 600 which triggered the 1099-nec
