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kimmisam
New Member

Entering my 1099K from Paypal vs. gambling winnings

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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1 Reply
DavidD66
Employee Tax Expert

Entering my 1099K from Paypal vs. gambling winnings

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:

 

How do I report a 1099-K if I'm not a business owner or hobbyist? 

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