1099k + 1099NEC

jdove
jdove Member Posts: 2 Newcomer

I do independent contract work for a client who pays my invoices via PayPal. This year I received a 1099NEC from the client as well as a 1099K from PayPal for the same overlapping income. I am not sure what to do in this situation. It is appearing as if my income is nearly double what it truly was.

Best Answer

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 391
    Answer ✓

    Hi jdove,

    The 1099-K is basically a reminder that you may need to report income on your return. Since you already reported the 1099-NEC, you do not need to report the 1099-K in the business income section on your Schedule C.

    Sometimes a 1099-K reports more income than the 1099-NEC. It does, you may need to report other income not reported on Form 1099-NEC.

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