How would I handle my 1099 K from PayPal if the total amount listed is from sports book betting. The total amount on the 1099 K equals what I am claiming in winnings on the Less Common Income section under Gambling Winnings. If I also enter the 1099K information, I am basically claiming the winnings twice. Do I even need to enter the 1099K as the totals are the same? Or is there an offset entry I should be doing? I am not taking any gambling losses, and am doing the standard deduction.
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You can enter the Form 1099-K and indicate that it is for "Other". TurboTax will add to your tax return as "Other Income" on Schedule 1, Line 8z. Or you not report the 1099-K, and leave your gambling winnings on Schedule 1, Line 8b. If the IRS sends a letter indicating you didn't report the 1099-K, you can respond in writing and explain that you reported the 1099-K as gambling income. For instructions and more information on how to enter your 1099-K, see the following TurboTax Help article:
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