I am getting a 1099-k from Square and Paypal for the same sales I made what do I do?

[kilroyvtg]

I am 1099d for two large amounts but one is recording some of the same sales twice, do I just minus the one that's recording the double sales. Trying to figure out how to do this but make the issue known when I file.

Any help? Thanks for your Time!

-K

[VolvoGirl · Accepted solution]

I assume you are filing Schedule C?  I guess you could enter the full amounts as income, including the duplicates.   Then enter a misc expense for the duplicates saying like same income reported on two 1099K.

Are you using Deluxe?  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

[kilroyvtg]

Hey thanks I appreciate the response!

I just upgraded to self employment on turbo to use the expense feature.

How do you think I should notate this in the expenses? This is what I have:

"sales recorded twice by stripe 1099-k and paypal 1099-k ($Z in sales were reported twice. noting as an expense to be seen)"

I am a little tax illiterate so I don't know if this is that clear.

Thanks again so much you are helping me a ton!

-K

[KrisD15]

Yes, that sounds good. 

Or just "Duplicated Revenue Reported on separate 1099-K's" 

Whatever you think is clear and makes sense. 

Make sure you keep that number separate from all other expenses. Don't mix any other expenses into that. 

Make sure you have a similar entry next year and going forward. 

The IRS likes things to be consistent if possible.  

Be sure to keep all tax documents, such as the 1099's with your tax files.