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blackdogwalker
New Member

How do I adjust for the "double report" of income on a 1099 MiSC and on a 1099 K?

I am a self employed blogger. One payment from a company was reported on a 1099 Misc, but the same income was also included as part of a 1099 K from PayPal, (The company"s payment to me was made via PayPal.) How do I adjust for the "double report" of income? Do I report the 1099 K amount minus the 1099 MISC amount under "other income"?
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Accepted Solutions
Coleen3
Intuit Alumni

How do I adjust for the "double report" of income on a 1099 MiSC and on a 1099 K?

2 Replies
Coleen3
Intuit Alumni

How do I adjust for the "double report" of income on a 1099 MiSC and on a 1099 K?

MaryD09
New Member

How do I adjust for the "double report" of income on a 1099 MiSC and on a 1099 K?

Good question - I just got a CP2000 form from the IRS where they're proposing an assessment of another $12K or so in taxes and penalties on the $25K in "income" PayPal reported for the 2017 tax year (which I already reported through the 1099-MISC section).

 

I assumed the IRS would be wise to the double-reporting issue by now, but maybe the fact that there's about a $300 discrepancy between my 1099-MISC income and the 1099-K income (various reimbursements from friends) triggered something. I'll update if/when I hear back from the IRS -- I'm asking them how to avoid this in the future. 🙂 

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