Question

1099-K and Quickbooks import

Forum|Forum|4 years ago
February 25, 2022
1 reply
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Hello,

I use QuickBooks to record/track sole-proprietorship business income. I also received a 1099-K from a 3rd party payer. Do I enter the transaction amounts reported on the 1099K in addition to the import of my sales and expenses from QuickBooks? I certainly don't want to double my gross income!

TurboTax Home & Biz Windows

LeonardS

Form 1099-K reports the gross transaction amounts that you received from 3rd party payers. If you have already accounted for them, for example, you have entered $10,000 gross sales from your Quickbooks records and now have received a 1099-K reporting the same $10,000 gross transactions amounts you will not enter the amount again as it will double your gross income.

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