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Get your taxes done using TurboTax
Hi @KrisD15 -- I've searched the internet about this topic and am seeing you are saying two different ways for handling this. Which is the correct way to handle this?
On another post regarding this same topic on 2/14/24 you say: If the same income is reported on two different forms, the 1099-NEC and 1099-K , enter them both but then SUBTRACT THE DUPLICATED AMOUNT as an expense on your Schedule C and name it "Income reported twice on Form 1099".
Now on this post, 3 weeks ago, I see you are saying: When you enter the 1099-K select the type of income, on the following screen use the option of "This amount in box 1a is too high or includes some personal transactions" Enter the amount that should not be on the 1099-K
Can someone please clarify what to do if you have income on 1099-NEC that also showed up 1099-Ks?
For example, I got 1099NEC for 54441.25. This payer was paying through PayPal & Square Inc so I also received 1099K from PayPal for 15076.75 and 1099K Square Inc for 40716.50. Although, 1352 of 15076.75 1099k Paypal was not accounted for in the 54441.25 1099NEC, because it was from a different payer and I didnt get a separate 1099NEC from that other payer. What do I do? Thanks!