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peter3
New Member

When I enter 1099 misc info, and it is the same money that was reported on a 1099K, how do I back that out?

My wife gets paid by check and PayPal and cash. Some clients send her a 1099 misc. PayPal sends her a 1099 K. All the money reported on 1099 MISC is included in the money reported by PayPal, or the General Income reported on schedule C. How do I avoid double counting that income on the 1099 misc? I notice turbotax adjusted my taxes due when I entered the 1099 misc. Should I just subtract that before I enter income on schedule C? What if it is all PayPal payments, and I have to report the income both with the 1099 K from PayPal, and the 1099 misc from the client? Seems like I am paying tax twice on the same money.
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AmandaR1
New Member

When I enter 1099 misc info, and it is the same money that was reported on a 1099K, how do I back that out?

You shouldn't enter the income twice. You should enter your 1099-misc and remove the amount from general income. You don't need to enter 1099-K directly; you just need to make sure all of the income is reported. 

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1 Reply
AmandaR1
New Member

When I enter 1099 misc info, and it is the same money that was reported on a 1099K, how do I back that out?

You shouldn't enter the income twice. You should enter your 1099-misc and remove the amount from general income. You don't need to enter 1099-K directly; you just need to make sure all of the income is reported. 

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