Greetings Peter at @PeterM
I have to revive an old post but I am in dire need of your assistance. Now, I do use the TurboTax (CD) version and have both the Deluxe for Personal and Business for my Chapter S Corp.
My issue is Pay Pal has issued me a 1099K in my SSN even though my Pay Pal account is clearly a business account and does contain an EIN. They will not change it or at the least are giving me the runaround. So I am not sure how I can include this on my return. I am sure they sent it to the IRS as required but it's $95.000 and was to be in our business name and business EIN as it is again business-related.
I know that if I just ignore the fact its got my SSN on it and file it as my business for my 1120S that when I submit my personal taxes the 1099K will show up and I will get the dreaded letter from the IRS saying I did not pay my taxes when in reality I did, just ran the 1099K through the business and generated a K-1 to include on my personal taxes, minus the business expenses of course.
So my question is how do I reflect this on my returns, what should I do to avoid any issues. Will your original explanation work for me as well and since I am using the CD version on the desktop rather than online will I have the same options to add the 1099K as a pass-through on my personal taxes to correct this issue. Also, everything is documented so it is truly a business-related income and not a personal-related income.
Any insight you can provide would be very appreciated.
