How can I handle the following situation. I received a Form 1099-K in error for transactions between friends. The IRS guidance is as follows:
“If taxpayers can't get a corrected Form 1099-K, report the information on Schedule 1 (Form 1040), Additional Income and Adjustments to Income PDF, as follows:
- Part I – Line 8z – Other Income – Form 1099-K Received in Error.
- Part II – Line 24z – Other Adjustments - Form 1099-K Received in Error.
The net effect of these two adjustments on adjusted gross income would be $0.”
