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J
jbcem-2022
March 17, 2022
Question

I already enter 1099K information. Should I enter the 1099 MIsc instead?

  • March 17, 2022
  • 1 reply
  • 0 views
If I enter a 1099Misc do I delete the 1099K?

1 reply

KrisD15
KrisD15
March 17, 2022

The 1099-K is "informational" so it needn't be entered at all. 

The 1099-MISC on the other hand DOES need to be entered. 

 

Some Taxpayers want to report both forms to avoid any correspondence from the IRS.

In that case, enter both, then start a "Miscellaneous Expense" titled "1099-K duplicate income" and expense the amount that is listed on both the 1099-K and 1099-MISC. 

 

Continue reporting the 1099-K this way going forward (unless the Tax Law changes) since the IRS likes consistency. 

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