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dbwinger
New Member

I received a 1099-K from PayPal, but some (most) of the income I received through PayPal is also reported on a 1099-NEC. Do I need to report the 1099-K? If so, how?

 
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3 Replies
DawnC
Employee Tax Expert

I received a 1099-K from PayPal, but some (most) of the income I received through PayPal is also reported on a 1099-NEC. Do I need to report the 1099-K? If so, how?

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.   

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dbwinger
New Member

I received a 1099-K from PayPal, but some (most) of the income I received through PayPal is also reported on a 1099-NEC. Do I need to report the 1099-K? If so, how?

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

ThomasM125
Employee Tax Expert

I received a 1099-K from PayPal, but some (most) of the income I received through PayPal is also reported on a 1099-NEC. Do I need to report the 1099-K? If so, how?

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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