My question is referring to section: Business > Business Income & Expenses > General Income.
I received a 1099-K from PayPal for transactions where I was sent money. Some of this were payments for work I do as a freelancer. However, those amounts were already entered as part of the 1099-MISC those companies sent me (they pay me via PayPal.)
If I entered the amounts from my 1099-K into the "General Business Income" section of Turbo Tax, wouldn't that mean I would be reporting that income two times, and getting taxed twice on the same income? Should I NOT enter those amounts from my 1099-K if I received a 1099-MISC for them?
Correct, you do not want to enter any income twice as it would create a 'double tax' situation. Because those 1099s get sent to the IRS, it is very important that you keep good records of your income. You are one of the taxpayers that receive 2 forms for the same income. The IRS does not expect you to pay double tax but they also do not know that the income is the same, so they may ask. As long as you have your numbers straight, and it seems you do, you won't have a problem.
I thought we always have to report all 1099's received so are we to include all 1099's and then subtract out or list the duplicated amount(s) as an expense/deduction under the 1009-K Schedule C?
Actually you can just enter it as Other self employment income or as Cash or General income. You don't need to get a 1099MISC, 1099NEC or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C. You should be entering the income from your own records.