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Lilhug
New Member

Tiktok money paid to son. and I received a 1099k from paypal

My son made 5768 as a tiktok creator over the last 7 months in 2024.  Tiktok sent the money to him through my paypal account less a fee of 87 total.  I then deposited the entire 5681 into his checking account.  I received a 1099-k from paypal. I didnt keep any of this money.   He is expecting to receive a 1099 from tiktok for the entire amount.   How do i fix this do we are not claiming the same money twice. 

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1 Reply
ThomasM125
Employee Tax Expert

Tiktok money paid to son. and I received a 1099k from paypal

You need to report the income listed on the Form 1099-NEC as business income and then enter an "other"  business expense for the same amount to cancel it out. You can call the expense commissions or something similar. You will need to enter the income and expenses in the Self-employed income section under Wages and Income in TurboTax. The IRS will treat the income as business income, so you will need to answer the questions in TurboTax the address setting up a business.

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