JamesG1
Expert Alumni

After you file

You may answer No to receiving an IRS form 1099-K.

 

As @RobertB4444 states, the IRS is looking for the IRS form 1099-K proceeds to be reported somewhere on your tax return.  If the IRS form 1099-K reports $5,000 in income and your Schedule C reports $50,000 in income, the IRS presumes that the IRS form 1099-K proceeds have been reported.

 

Retain copies of all your paperwork should a tax authority have a question at a later time.

 

@mootzie55 

 

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