I received a 1099MISC from an online vendor who paid me money through PayPal, and then a 1099K from PayPal for that same amount of money being received. Essentially, reporting both of these forms would have me reporting double the income that I actually made. In the past I believe there was a place where I could report double income to have it taken out of my taxable total, but I can't find that section on TurboTax now. How do I resolve this?
You can make an adjusting entry to "Other Income" to remove income reported on your return that should not be included.
You can make that adjusting entry in TurboTax as follows:
1. From the Federal menu in TurboTax find Wages and Income
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
5. Enter a description of the adjustment and the amount as a negative number
Hi, the "uncommon income" section doesn't allow me to input a negative number. I get an error on the "Amount" field with "Must be at least 0".