Got a1099-K from PayPal. I do lots of jobs th/ pay through PP. One of wh/ sent a 1099-MISC too. Am I supposed to minus the MISC pay from the K so it doesn't double dip?

[AnthonyC · Accepted solution]

Yes, 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 already reported for the 1099-MISC to account for the double inclusion.  A 1099-K gets reported as additional income along with cash and checks, so it's simpler to just reduce this amount.  And, since there is a special line just for 1099-MISC income on Schedule C, this method tracks better with the IRS reporting.