1099K not reported but included in gross receipts on Schedule C for previous years

Forum|Forum|1 year ago
February 11, 2025
1 reply
0 views

Hi,

I'm completing my taxes for 2024 when I realized that the 1099-K has not been entered separately for previous years. I've included the totals from the 1099-K in my gross receipts but not entered the 1099-K form itself. For some my reason, I thought it was for informational purposes only. Now that I've realized my mistake, I'm recording it separately and deducting that from my gross receipts that I report so as not to duplicate that amount.

My question is should I amend previous returns to enter the 1099K and then deduct that amount from the total I reported? Will it cause more confusion since it ultimately won't change my tax liability at all? Any help would be appreciated.

MinhT1

No.

You won't need to amend your previous years' returns if you have reported all your income without entering the forms 1099-K separately. Just keep these forms in your tax records, and any evidence that the amounts reported on these forms have been included in income.

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