The same income is reported on a 1099-k (credit card) and 1099-misc

[agscott]

A client paid by Credit Card - so the charge appears on the 1099-K supplied by the credit card processing company. However, the client also sent me a 1099-misc
This would mean I'm reporting the same income twice.

[AnthonyC · Accepted solution]

First, the IRS only cares about total income numbers, so you should only report your total income regardless of the forms received (if you look at a Schedule C, you can see only total income is reported).

The best method to handle this situation in TurboTax so you don't double report is to report the 1099-MISC as it was reported to you and then reduce the amount from the 1099-K that you report to account for the double inclusion.  A 1099-K gets reported as additional income along with cash and checks, so its simpler to just reduce this amount.

Here are the steps you can take to claim your income - 

• Log into your account and click Take Me To My Return (you must click this before searching if you are not already in your account)
• Click the search box at the top right of your screen (magnifying glass icon)
• Search for “Schedule C" in the search box
• Click the "jump to schedule c" ink in the search results.
• Follow the first set onscreen instructions - you might have to set up a Business profile if you already haven’t 
• You will arrive at the Your Business summary page where you will see the various income and expenses categories.

Then, to enter business income -

• Click Start/Update next to Business Income
• Click Start/Update next to 1099-MISC Income - report your income from form 1099-MISC here
• Click State/Update next to General Income
• The next page should be Tell us about additional income - enter your income from form 1099-K here but make sure you subtract out any overlap with your form 1099-MISC before you enter the total amount 

[Cynderella]

I did that a few years ago and got audited by the IRS. I won but had to tell them 3 times the simple math at how I arrived at that.