Customer pays me via Paypal(1099MISC). Paypal sends me a 1099-K that includes the amt paid by customer. Can I report difference under Other Biz Income only?

hueylee99 — Mon, 03 Jun 2019 20:42:21 GMT

I have a customer who pays me via Paypal and I received a 1099-MISC tax form from them. However, Paypal also sent me a 1099-K that includes the amount paid by customer. So what I did was subtract the amount from the customer's 1099-MISC Box 7(nonemployee compensaton) from Paypal's 1099-K Box 1a (Gross amount of payment card) to get the difference of payments received on the 1099-K. So the question is, can I report difference under Other Business Income?

Yes, record the 1099 MISC, but then you enter the remaind...

JulieCo — Mon, 03 Jun 2019 20:42:22 GMT

Yes, record the 1099 MISC, but then you enter the remainder of your business income in the General Income line on the self-employed business income entry screen. See the sample screenshot below. Therefore, this will include all of your income in the Gross Receipts (line 1) of Schedule C.

topic Customer pays me via Paypal(1099MISC). Paypal sends me a 1099-K that includes the amt paid by customer. Can I report difference under Other Biz Income only? in Get your taxes done using TurboTax

Customer pays me via Paypal(1099MISC). Paypal sends me a 1099-K that includes the amt paid by customer. Can I report difference under Other Biz Income only?

Yes, record the 1099 MISC, but then you enter the remaind...