DianeW777
Employee Tax Expert

Retirement tax questions

The instructions are accurate from our Tax Expert @DavidF1006. The IRS may look for the 1099-K, however you have reported the income and cost as appropriate for the tax return accuracy. The most important action is to file a correct tax return and many situations, due to the nature of the tax law and filing requirements for payers will cause a change in the entry actions. 

 

The process of actually entering a 1099-K, or other tax income forms, is for the taxpayer and not the IRS. The IRS already has a copy of your income.

 

Keep the 1099-K in your tax files and have it available should the IRS request any information later. 

 

@TA58 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"