Question

I have a 1099-NEC and a 1099-K for the same customer. Do I expense out the duplicate amount?

Forum|Forum|4 years ago
March 11, 2022
1 reply
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My customer sent me a 1099-NEC and Square sent me a 1099-K for the same amount. How to I reduce the it to the actual amount. Expense it out? But that would raise my capital income?

TurboTax Self Employed Online

V

Vanessa A

The 1099-K is not entered on your return. This is for informational purposes only. If you have income on the 1099-K that is not reported on the 1099-NEC then you would enter the excess as cash received. This would be grouped with the rest of your cash received.

Depending on your bookkeeping methods, you may not want to enter either form, you would just enter your income and expenses based on your records. As long as all income is reported, you are find to do it that way.

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