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Patrice1986
Level 2

Main distinctions between income reported on Form 1099-K vs. 1099-MISC

Hi!  I was wondering...is it possible that income reported on Form 1099-K could also be reported on Form 1099-MISC?  What are the distinctions that help you determine which form to use when reporting income?  Thanks!

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Accepted Solutions
JandKit
Employee Tax Expert

Main distinctions between income reported on Form 1099-K vs. 1099-MISC

Hi Patrice1986,

The 1099K is typically used by credit card companies and other 3rd party vendors to report payment transactions that they process for retailers or other 3rd parties. The 1099 MISC is used to report payments such as royalties made directly, not processed, to an independent contractor

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2 Replies
JandKit
Employee Tax Expert

Main distinctions between income reported on Form 1099-K vs. 1099-MISC

Hi Patrice1986,

The 1099K is typically used by credit card companies and other 3rd party vendors to report payment transactions that they process for retailers or other 3rd parties. The 1099 MISC is used to report payments such as royalties made directly, not processed, to an independent contractor

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Patrice1986
Level 2

Main distinctions between income reported on Form 1099-K vs. 1099-MISC

Thanks so much JandKit!  Your response brings me more clarity 🙂

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