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New Member
posted Jun 5, 2019 11:10:37 PM

Received a 1099misc, but the amount in less than what I actually made. Not sure how to handle it....

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3 Replies
New Member
Jun 5, 2019 11:10:38 PM

You enter the amount that you know is correct. If the income reported on the 1099 is lower than the amount you have recorded throughout the year, use your numbers.

Remember, the 1099s are not sent in with your tax return. The IRS will attempt to reconcile the 1099s they received in your name (or business) to the amount you report. If the total of the 1099s they received are less than what you actually report, they will use your numbers. However, if the total of the 1099s they received are more than what you actually report, then you'll get a notice asking why.



New Member
Aug 28, 2022 6:38:43 PM

So, this is it. My 1099-k payment received is different and lower than my sales report. Ebay and Etsy already deducted for commission and card fees before payout to my account. So the 1099-k is far lower than my sales report/sales. How do I fix it?

New Member
Aug 28, 2022 6:45:27 PM

So, I just file and record my total sales from sales report and put it in first line as Gross receipts or sales and go from there, then do the deductions of fees and commissions like I always did. And ignore the 1099-k?