turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

John280
Returning Member

1099k income from Loan Principal Payments

I expect to receive a 1099k form from my ACH for personal loan principal payments to me (non-business).  This income is a personal loan repayment (principal only)  to me and is non-taxable.  I will have to report the 1099k as income.  How do I subtract this non-taxable income amount?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

1099k income from Loan Principal Payments

You can either not report the figure on the 1099-K (which might create a mismatch) or enter the figure as miscellaneous income and then make an offsetting (negative) entry for the same amount.

View solution in original post

3 Replies

1099k income from Loan Principal Payments

You can either not report the figure on the 1099-K (which might create a mismatch) or enter the figure as miscellaneous income and then make an offsetting (negative) entry for the same amount.

1099k income from Loan Principal Payments

@tagteam @John280 - IRS just announced a 1 year delay in implementation of the new 1099K rules.  

 

https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-t...

 

 

1099k income from Loan Principal Payments

However the new reporting will take affect in 2023 so I highly recommend you find a different way to recieve the payments that a 1099-K will not be issued ... doesn't anyone send paper checks anymore ?  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies