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walker871
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Do I report income in the 1099-K section and also in the Income/deductions section? How do I make sure this income doesn't overlap or get counted twice?

 
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2 Replies

Do I report income in the 1099-K section and also in the Income/deductions section? How do I make sure this income doesn't overlap or get counted twice?

Enter the 1099-K in the Form 1099 section.  You will be asked the type of income received.

 

However, if you've already entered a 1099-NEC or 1099-MISC for this income, don't enter it again

Do I report income in the 1099-K section and also in the Income/deductions section? How do I make sure this income doesn't overlap or get counted twice?

you may not get a 1099-K, the IRS has changed the requirements for 2022. if you do enter it make sure it reflects only actual income. some will reflect non-income items like transfers into an account.  you do not enter it anywhere else.. the same would apply to a 1099-MISCC or 1099-NEC.  in addition, it's possible not all of your revenue will be but you are still required to report that income.  you will be asked a question or questions about receiving income not reported on a tax form. 

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