topic If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 return and upload that 1099k and submit ammended return? in After you file

If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 return and upload that 1099k and submit ammended return?

Taxes4Dummies — Wed, 28 Jan 2026 06:19:10 GMT

The 1099k says I had 200k of third party goods. However, It is related to gambling transactions. And my W/L was a loss on the year. So do I just report that and add in that same amount back to offset?

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 re...

MinhT1 — Wed, 29 Jan 2025 19:32:40 GMT

Yes. You should amend your 2022 tax return.

Please read this TurboTax Help topic on how to amend a prior-year tax return.

However, please note that gambling losses do not reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.

If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.

For tax year 2022, standard deductions are:

$25,900 for married couples whose filing status is “married filing jointly” and surviving spouses;
$12,950 for singles and married couples whose filing status is “married filing separately”; and
$19,400 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

$1,400 for married individuals; and
$1,750 for singles and heads of household.

For more information, please read this TurboTax article.

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 re...

Taxes4Dummies — Wed, 29 Jan 2025 19:44:53 GMT

With how common gambling is, there should be more guidance here

If Paypal is reporting I received 200k from Draft Kings, but Draft Kings shows I had a loss on the year gambling, what are we even talking about here?

I obviously should have reported it, but if I took the standard deduction for that year, now I can't itemize the 200k?

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 re...

MinhT1 — Wed, 29 Jan 2025 19:48:34 GMT

When you amend your 2022 tax return, you can itemize your deductions, even if you took the standard deduction in the original return.

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 re...

Taxes4Dummies — Wed, 29 Jan 2025 20:01:40 GMT

So I can just simply upload 1099k form, then select the feature that says this amount is too high and enter the exact same amount that shouldnt be included?

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 return and upload that 1099k and submit ammended return?

Mike9241 — Wed, 29 Jan 2025 20:02:06 GMT

Yes, you must amend. sooner or later, you'll probably get a notice from the IRS about the missing 1099-K. you can not import it into your return. import is limited to the current tax year which is 2024.

you need to report winnings. as income. Losses and costs are an itemized deduction on line 16 of schedule A. For itemization to be of benefit, your itemized deductions must exceed your standard deduction. Turbotax will itemize between the two.

if you are married filing separately but did not live apart from your spouse for the last 6 months of 2024, both spouses must use either the standard deduction or itemized deductions.

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 return and upload that 1099k and submit ammended return?

Taxes4Dummies — Wed, 29 Jan 2025 20:03:39 GMT

I already got notified by IRS that I owe 70,000 dollars for a year I lost gambling and am trying to see If I can just add back to the form and amend or if I need to pay someone 1000 bucks to address properly

Re: If I got a CP2000 for a 1099k Paypal that I forgot to report. Do I just go back to my 2022 re...

Vanessa A — Wed, 29 Jan 2025 21:11:48 GMT

If you received a letter from the IRS, it should tell you what they want you to do. Sometimes letters will tell you that you can amend your return, other times they will give other specific instructions. If the letter does NOT say do NOT amend, then yes, you can amend your return to correct missing income and add in expenses. This may be the easiest thing if you have all the information available.