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sampyo
New Member

The 1099k income was not reported as 1099k income instead used regular income. Do I have to report 1040x to correct this even though the total income is same?

The 1099k income was not reported as 1099k income instead  used regular income. Do I have to report 1040x to correct this even though the total income is same?

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PatriciaV
Employee Tax Expert

The 1099k income was not reported as 1099k income instead used regular income. Do I have to report 1040x to correct this even though the total income is same?

If you included income from Form 1099-K on your business return, you would not need to amend the return to recategorize the income. Form 1099-K reports payments from PayPal and similar Third Party networks. Since these payments could result from many different types of work, you decide where to report this income on your tax return.

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