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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.
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