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studio1
New Member

paypal and 1099 how to fix double payment

i got paid for an event via paypal. paypal sent me a 1099-k. the event also sent me a 1099-nec. which one do i backtrack and how do i backtrack it so it doesn't look like i was paid twice?
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1 Reply
JamesG1
Expert Alumni

paypal and 1099 how to fix double payment

Do both forms report proceeds that will be reported as self-employment income reported on a Schedule C Profit or Loss From Business?

 

If this is the case, I would create the self-employment activity and report the IRS form 1099-NEC as income reported within the self-employment activity.

 

In TurboTax Premier Online, report self-employment income and expenses by following these directions:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Click on the drop down arrow to the right of Self-employment.
  • Click to the right of Self-employment income and expenses.
  • At the screen Tell us the type of self-employment work you do, enter the answer and click Continue.
  • Establish the self-employment activity and report the income and expense.

Report the IRS form 1099-K:

 

  • At the screen Which type of income is your 1099-K for, report the IRS form 1099-K proceeds as Other.  
  • Select This amount in box 1a is too high.... and report the full amount.
  • The amount in box 1a should be reported on Schedule 1 Additional Income and Adjustments to Income as an amount reported to you on form 1099-K that was included in error.

 

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