I have a 1099k. The amounts in box 1a and 1b are identical, $7364.03. Do I add BOTH amounts and report both? Even added together, this is less than the $20,000 threshold.

andreagalek — Sat, 01 Jun 2019 18:06:51 GMT

1099k

You do not report a form 1099-K on your return. However,...

AmandaR1 — Sat, 01 Jun 2019 18:06:52 GMT

You do not report a form 1099-K on your return. However, all of your income (sales) is always reportable as your business income (box 1a), which you can enter under general/additional income for your self-employed business. The form 1099-K is a requirement for the payment processor to the IRS and you receive a copy for your records.

Their de minimis filing requirement is if payments to someone exceed 200 transactions, or $20,000. However, they can choose to file for people below the requirement as well, but this has no impact on your return. You should report all your income, regardless.

Learn more here: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements

topic I have a 1099k. The amounts in box 1a and 1b are identical, $7364.03. Do I add BOTH amounts and report both? Even added together, this is less than the $20,000 threshold. in Get your taxes done using TurboTax

I have a 1099k. The amounts in box 1a and 1b are identical, $7364.03. Do I add BOTH amounts and report both? Even added together, this is less than the $20,000 threshold.

You do not report a form 1099-K on your return. However,...