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1099K From PayPal VA

Forum|Forum|5 years ago
May 2, 2021
1 reply
28 views

Hello, I am in Virginia and have received a 1099K from PayPal. I have been collecting unemployment benefits for the past year but was also selling clothes and video games and received payments on paypal. Now I have a 1099K from paypal because I have received over $600 which is the new threshold. I dont have a small business and was doing this just to get rid of things. I didnt even profit from the sales. Ive heard I have to file it as a Schedule C but im sure that will interrupt my unemployment benefits by stating that I was self-employed when it was a hobby. Just need advice on how to continue filing. Would it be ok to file this under the Misc Income category?

TurboTax Deluxe Online

Best answer by DaveF1006

Here is the way to report it without reporting as Schedule C income.

Go to federal>income and expenses>all income>>show more
Less Common Income> Start
Miscellaneous Income,>start
Other reportable income>start
Next screen asks Any Other Taxable Income>yes
The next screen will allow you to report the income with a brief explanation
Explain it as1099K, non-business income and then the amount of the income.

DaveF1006Answer

Level 15

Here is the way to report it without reporting as Schedule C income.

Go to federal>income and expenses>all income>>show more
Less Common Income> Start
Miscellaneous Income,>start
Other reportable income>start
Next screen asks Any Other Taxable Income>yes
The next screen will allow you to report the income with a brief explanation
Explain it as1099K, non-business income and then the amount of the income.

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