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All of the options outlined by @KrisD15 are valid and useful depending upon the facts and circumstances within a tax return.
In your case, will these revenue streams all flow to a self-employment activity reported on your 1040 income tax return on Schedule C Profit and Loss From Business?
If so, what will be the total revenue reported in the self-employment activity? If the total revenue to be reported will be $120,000, then, within the self-employment activity you might enter:
- the IRS form 1099-NEC for $54,441,
- the IRS form 1099-K for $15,076, and
- the IRS form 1099-K for $40,716
Then you could report the difference under Other self-employed income, includes cash and checks. See here.
If the total revenue to be reported within the self-employment activity is less than the total of the three IRS forms listed above, you may establish an Other miscellaneous expense to report the difference.
So, if the three IRS forms listed above total $110,233 and the self-employment revenue that should be reported is $110,000, you may establish an Other miscellaneous expense to report the difference of $233.
In either case, you have acknowledged the IRS forms and correctly reported your 2024 income.
