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Main distinctions between income reported on Form 1099-K vs. 1099-MISC

Forum|Forum|3 years ago
August 31, 2022
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Hi! I was wondering...is it possible that income reported on Form 1099-K could also be reported on Form 1099-MISC? What are the distinctions that help you determine which form to use when reporting income? Thanks!

Best answer by JandKit

Hi Patrice1986,

The 1099K is typically used by credit card companies and other 3rd party vendors to report payment transactions that they process for retailers or other 3rd parties. The 1099 MISC is used to report payments such as royalties made directly, not processed, to an independent contractor

J

JandKitAnswer

Hi Patrice1986,

The 1099K is typically used by credit card companies and other 3rd party vendors to report payment transactions that they process for retailers or other 3rd parties. The 1099 MISC is used to report payments such as royalties made directly, not processed, to an independent contractor

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