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
02704
2 Replies
rjs
Level 15
Oct 2, 2022 11:13:46 AM
Report the full amount of the 1099-K as business income. Enter the refunded amount in Returns and Allowances.