I am confused about the 1099-K - I'm afraid I will be double reporting income

[tbduvall]

The amounts that will be included on my 1099-Ks are already included on the profit & loss information I enter in Turbo Tax on Schedule C.  Won't entering the 1099 amounts be duplicating income?

[Anonymous_ · Accepted solution]

Cross-check the figures on your 1099-K and your books and records. Enter the figures once.

[Mike9241]

since it seems you already entered the revenue for schedule C just don't enter the 1099-K. this info is not sent to the iRS. it is just for your "convenience"

the New York Times had this article about the 1099-K reporting

https://www.yahoo.com/news/irs-rules-could-affect-venmo-192512731.html  

in effect, no one is sure as of now what will happen because there are going to be many thousands of 1099-Ks that reflect more than revenue

the IRS on its website says to report only revenue. 

[tbduvall]

Thank you so much!  I definitely did not want to double report.

[tbduvall]

I am afraid that the article did not really clear things up.  You stated that the form is just for my convenience, but the article states that "They could face messy fights with the IRS if their tax forms erroneously show them making more income than they actually earned."

To me, this says that the IRS will receive the 1099-Ks like any other 1099.

[Anonymous_]

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@tbduvall wrote:

To me, this says that the IRS will receive the 1099-Ks like any other 1099.

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They will receive the 1099-K. Your main priority is to maintain good books and records.

[tbduvall]

Ah, I understand.  Just a tool to check our records against.  Thanks!