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New Member
posted Mar 29, 2021 5:48:32 AM

Where can i get form for expenses spent from income received on 1099-k form i can do it myself i just need form

I am an animal Advocate  and get donations but use to help animals  
I got. 1099-k
Where can i put the expensive at
I have way more expenses than donations

0 3 513
3 Replies
Expert Alumni
Mar 29, 2021 7:12:35 AM

The only way to take expenses against a 1099-K is to have a business. Since you are collecting donations, you don't have that option.

 

Please see this answer from Bsch4477.

 

As the article suggests you could report the 1099-K amount as other income and report the same amount again as a negative amount as other income with the text something like “Offset GoFundMe payments on 1099-K”

 

1099-K

 

You can add it as other income and then back it out again with an explanation.

  • Wages & Income
  • I'll choose what I work on
  • Less Common Income select Start (or Update) for 
  • Miscellaneous Income.
  • Other reportable income and you can enter your own description(s) and amount(s).

 

New Member
Apr 1, 2021 4:11:17 AM

Thank you for your answer it helped.

New Member
Apr 7, 2021 6:29:14 PM

Thanks for answers