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I got a 1099-NEC for a job that paid via PayPal. I also received PayPal's 1099-K, which includes the amount in my 1099-NEC. Can I omit my 1099-NEC to avoid 2x entries?

For example, say the box 1 amount in my 1099-NEC is $1000. The amount in my box 1 amount in my 1099-K is $5000, but it includes the $1000 from my 1099-NEC. How do I go about reporting?
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1 Reply
MinhT1
Expert Alumni

I got a 1099-NEC for a job that paid via PayPal. I also received PayPal's 1099-K, which includes the amount in my 1099-NEC. Can I omit my 1099-NEC to avoid 2x entries?

If your clients pay you through  PayPal or Venmo or by credit or debit card, they do not have, and should not issue you form NEC.

 

Please see this QuickbooksHelp article.

 

If you receive such forms 1099-NEC, you should ask your clients to cancel them and report the cancellation with the IRS.

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