PayPal 1099k

I received this form this year. The total amount is $701, however only $376.44 is actually earnings from shops. The rest is reimbursement. How do I clarify that on my taxes? There is a box that says check if the amount is different, but didn’t seem to change anything. Obviously I’m late doing my taxes , and this is holding me up. I have all the documentation on this from all my shop statements.

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I think it would be wise for you to have a professional complete your taxes.

I personally report all income received, then take reimbursements as a deduction. Easier for me to keep my accounting organized.

I report all revenue received, and then I deduct expenses. This is done on Schedule C. I think that would work well for you. If it ever becomes and issue, the required documentation is provided by your business records.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

When I did mine the form gave me an option to state that the 1099K was wrong and they had overstated my earnings. I then put in what I had actually earned as fees, also minus whatever other companies had listed on the 1099's they sent me separately. My taxes were accepted without an issue, so far anyway.

Deduct your expenses with a Schedule C. I was pretty annoyed that I received a 1099 from a company that included expenses I was reimbursed by them for, which should not be included, so I had to complete a Schedule C because of that. It's not hard to do though. FreeTaxUSA takes care of it easily and for free.

@patty24 wrote:

I received this form this year. The total amount is $701, however only $376.44 is actually earnings from shops. The rest is reimbursement. How do I clarify that on my taxes? There is a box that says check if the amount is different, but didn’t seem to change anything. Obviously I’m late doing my taxes , and this is holding me up. I have all the documentation on this from all my shop statements.

Edited 1 time(s). Last edit at 04/25/2024 06:48PM by JimmyP.

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PayPal 1099k

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