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Level 2
posted Feb 18, 2021 8:06:33 AM

How do I enter my 1099-k if the transactions were already included in my sales portion of my taxes?

I received a 1099-K from PayPal from credit card transactions.  Those transactions were from the sales of products.  I entered my sales on the income portion of turbo tax.  How would I go about making sure to not get taxed on the 1099-k if it's already reported as income?

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1 Replies
Expert Alumni
Feb 18, 2021 8:28:17 AM

If your transactions reported on form 1099-K are already reported as sales on your tax return, you simply do not enter form 1099-K on your tax return. Just keep that form in your tax records along with any proof that these transactions are already reported as sales on the tax return.