Still working on taxes for this year and have a difficult situation...wondering if anyone else in these circumstances has filed yet.
I prepare my own taxes using TurboTax. This year, my 1099-K from PayPal was more than $20,000 and had more than 200 transactions, which are the triggers for this year for reporting, so I know it is reported on the Schedule C. The problem is that two of the companies that paid me through PayPal ALSO sent me 1099-NEC's. If I report everything, I would be paying taxes twice on the same income (which I'm obviously not going to do).
I contacted TurboTax for guidance and they directed me to a web page for CPA's which sort of addresses the situation and states "Another error to watch out for is duplicate transactions. The IRS has directed that any 1099-NEC or 1099-MISC payments that are reported on a 1099-K should be reported on the latter form only. To avoid double taxation, keep detailed sales records and watch for duplicate payments. Businesses must provide a 1099-NEC for non-employee compensation of $600 or more."
So, has anyone else found themselves in the same situation this year? If so, how did you handle it?