Got a1099-K from PayPal. I do lots of jobs th/ pay through PP. One of wh/ sent a 1099-MISC too. Am I supposed to minus the MISC pay from the K so it doesn't double dip?

deyxes — Thu, 06 Jun 2019 15:49:58 GMT

Yes, the best method to handle this situation in TurboTax...

AnthonyC — Thu, 06 Jun 2019 15:50:00 GMT

Yes, the best method to handle this situation in TurboTax so you don't double report is to report the 1099-MISC as it was reported to you and then reduce the amount from the 1099-K that you already reported for the 1099-MISC to account for the double inclusion. A 1099-K gets reported as additional income along with cash and checks, so it's simpler to just reduce this amount. And, since there is a special line just for 1099-MISC income on Schedule C, this method tracks better with the IRS reporting.

topic Got a1099-K from PayPal. I do lots of jobs th/ pay through PP. One of wh/ sent a 1099-MISC too. Am I supposed to minus the MISC pay from the K so it doesn't double dip? in Get your taxes done using TurboTax

Got a1099-K from PayPal. I do lots of jobs th/ pay through PP. One of wh/ sent a 1099-MISC too. Am I supposed to minus the MISC pay from the K so it doesn't double dip?

Yes, the best method to handle this situation in TurboTax...