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Don't enter the same income twice. You can adjust the amounts when you enter the forms to ensure no income gets duplicated on your tax return. See 1099-K entries in TurboTax to report your 1099-K income; it depends on what kind of income it is.
Thanks Dawn!
I'm an independent software contractor so this is payment for services as self-employed. So are you saying I would record the 1099-NECs as they are, and then only record any amount from the Paypal 1099-K that isn't accounted for by 1099-NECs? I've always reported all of my income (some of which comes through Paypal, some of which is reported by clients through 1099-NECs) but never got a 1099-K before this year. It seems redundant and confusing since I was already going to report it, and I use the same Paypal account for personal things as well.
Thanks,
Daryl
You are correct, you wouldn't report any Form 1099-K income that is already reported from a Form 1099-Nec.
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