1099-K

Turbjjj — Sat, 08 Feb 2025 14:51:24 GMT

I have two businesses, one is a sole proprietorship, the other I received a 1099-MISC for. Both are paid through Paypal and so I received a 1099-K.

I entered my two businesses in the business section (one as sole prop and one as 1099-MISC). If the entire amount noted on the 1099-K is included in the businesses entries I already input, do I skip the 1099-K entry? I've heard that you don't need to actually "report" the 1099-K as long as the income is accounted for.

Thank you.

Re: 1099-K

ThomasM125 — Sat, 08 Feb 2025 14:55:13 GMT

You are correct, you should not report the Form 1099-K if you already entered your business income elsewhere.

Re: 1099-K

Turbjjj — Sat, 08 Feb 2025 14:56:16 GMT

Thank you.

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