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scd112
New Member

My 1099-k includes income from purchases that were ultimately returned and refunded. The income section does not allow a negative value. Where do I offset the refunds?

This is for an online reselling business, the online platform sends the 1099K
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2 Replies
rjs
Level 15
Level 15

My 1099-k includes income from purchases that were ultimately returned and refunded. The income section does not allow a negative value. Where do I offset the refunds?

Report the full amount of the 1099-K as business income. Enter the refunded amount in Returns and Allowances.

 

My 1099-k includes income from purchases that were ultimately returned and refunded. The income section does not allow a negative value. Where do I offset the refunds?

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