ColeenD3
Expert Alumni

Retirement tax questions

The only way to take expenses against a 1099-K is to have a business. Since you are collecting donations, you don't have that option.

 

Please see this answer from Bsch4477.

 

As the article suggests you could report the 1099-K amount as other income and report the same amount again as a negative amount as other income with the text something like “Offset GoFundMe payments on 1099-K”

 

1099-K

 

You can add it as other income and then back it out again with an explanation.

  • Wages & Income
  • I'll choose what I work on
  • Less Common Income select Start (or Update) for 
  • Miscellaneous Income.
  • Other reportable income and you can enter your own description(s) and amount(s).