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I received a 1099-K from my payment processor Shopify for my gross payment. I also received a 1099-NEC from a customer who's transaction was part of the 1099-K I got.
I received a 1099-K from my payment processor Shopify for my gross payment. I also received a 1099-NEC from a customer who's transaction was part of the 1099-K I got. If I enter the amount of the 1099-K and the amount on the 1099-NEC into turbo tax, its actually showing more income then what I actually made since its counting the customers payment in both the 1099-K and 1099-NEC. How do I enter this info so I am not double taxed? If I deduct the 1099-NEC amount from my 1099-K, the IRS will see the wrong amount for 1099-K as it will be lower than whats on the 1099-K. However I am supposed to enter the 1099-NEC in turbo tax as well. How do I do this?
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‎February 11, 2022
12:42 PM