1099-K reporting (not related to business)

I got 1099-K from Paypal for two awards. I am not self employed. I also got a 1099-MISC for one award. No 1099-MISC for the 2nd award, which is small amount ($200). I have two questions:

1 do I need to report 1099-K on schedule C? I am a student, not self-employed.

2. Should I report 2nd award too even though I didn't receive 1099-MISC form

725

1 Best answer

Expert Alumni

Mar 6, 2021 12:24:04 PM

You do not have to report the 1099-Ks on a Schedule C if it is not Self-Employment income. You should report the second award even if you did not receive a 1099-MISC. You can enter as Miscellaneous Income. You can enter the 1099-K as the description.

Here are the steps:

After sign-in, select Pick up where you left off
To your left, select tab Federal Taxes /Wages and Income
Scroll down to the Less Common Income section.
Choose Miscellaneous Income
Select the very first option at the top"Other income not already reported on a Form W-2 or Form 1099".
Then follow the prompts.

Expert Alumni

Mar 6, 2021 12:24:04 PM

Here are the steps:

After sign-in, select Pick up where you left off
To your left, select tab Federal Taxes /Wages and Income
Scroll down to the Less Common Income section.
Choose Miscellaneous Income
Select the very first option at the top"Other income not already reported on a Form W-2 or Form 1099".
Then follow the prompts.

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1099-K reporting (not related to business)