1099-K from Paypal has far more than income on it

[godinu1]

Paypal sent me a 1099-k for every penny that landed in my paypal account last year, but only part of it is income, and some of that has overlap. I don't know how to file because:  a) 2 clients sent me a 1099-NEC, and they also paid me through Paypal, so Paypal reported that income too. My other clients who pay through Paypal did not send any 1099s. b) I bought and sold crypto numerous times; I used my paypal funds to buy crypto at a third-party site and cashed out crypto into my paypal account. All of this was reported in my lump 1099k but it's not income, it's me sending my own money from my crypto account back into paypal. I am at a loss on how to deal with any of this in TurboTax because of that 1099k, which makes my income look like about double what it really was for the year. It woud've been much easier to resolve just reporting my clients individually, etc. 

[KrisD15]

You can adjust the 1099-K.

After you select the type of income it is reporting, on the next screen select "This amount in box 1 is too high or includes some personal transactions" and enter the amount that should be subtracted off the 1099-K.

Enter the amount that is not income as well as the income that you will enter another way, such as with a 1099-NEC.

Reporting Form 1099-K is new and I'm sure the IRS will adjust the way it's reported. 

You might also consider having more than one account so that you can keep personal transactions separate from business. 

In TurboTax enter the 1099-K under:
Income
Other Common Income
Income from Form 1099-K     START
On the “Did you get a 1099-K?” screen, select “Yes” 
On the “Which type of income is your 1099-K for?” screen, select what best suits the income   CONTINUE
Enter the 1099-K as it was reported and select the box for “This amount in box 1a is too high or includes some personal transactions” in order to subtract the amount that is not income or will be reported elsewhere.