1099-K received from RUNSIGNUP, INC for booster club

[mitzil18]

Hello, 

I received 1099-K issued to my LLC EIN from RUNSIGNUP, INC. Except, I let the booster club used my LLC EIN to conduct their fundraiser for races. I already filed my personal tax return but didn’t include the 1099-K, since it’s not an income for my business. How do I report this? Thank you for your help.

[MinhT1 · Accepted solution]

You do not need to report it as it is not income for your business. But you must that form 1099-K and any proof that the sums received were not for your business, in case of inquiry by the IRS.

Please read this IRS FAQ to find out how to deal with items not related to your business.