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

[Patrice1986]

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!

[JandKit · Accepted solution]

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

[Patrice1986]

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