Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
tax1120s
February 2, 2025
Question

For Tax Year 2025 If a Company pays with Paypal and sends 1099-NEC each year. What will happen when issued 1099-K for same amount?

  • February 2, 2025
  • 1 reply
  • 0 views

For Tax Year 2025 If a Company pays with Paypal and sends 1099-NEC each year. What will happen when issued 1099-K for same amount?

1 reply

M
MinhT1
February 2, 2025

If your clients pay you through PayPal or Venmo or by credit or debit card, they do not have, and should not issue you form NEC.

 

You'll receive a form 1099-K from PayPal or Venmo or the credit or debit card issuer.

 

Please see this QuickbooksHelp article.

 

If you receive such forms 1099-NEC, you should ask your clients to cancel them and report the cancellation with the IRS.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsCookie settingsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification