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dudjbak
New Member

1099-K and 1099-MISC show different information from What I actually have made.

 
1 Reply
MichaelDC
New Member

1099-K and 1099-MISC show different information from What I actually have made.

Many times in an Uber-type business you receive both 1099-MISC and a 1099-K. According to the company, which tax documents you receive depends on how much income you made during the year. You could receive a 1099-MISC if you made over $600 or you could receive a 1099-K if you earnings exceed $20,000 and 200 transactions.

If you made less than $600, you may not receive any tax document. Don’t take this as a reason to not report your income. You are required to report ALL of your income whether you received a 1099 or not.

You'll report both 1099-K, Box 1a and 1099-MISC, Box 7 on Schedule C. Many times the company will deduct fees before paying you, so the 1099 will seem inflated. All those fees are deductible on your return.

Here's is some more info that may be helpful to you if you have an Uber-type situation:

https://ttlc.intuit.com/replies/5796507






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