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January 27, 2025
Question

Gross Income gets doubed with 1099 K

  • January 27, 2025
  • 1 reply
  • 0 views

This is the first year I've received a 1099 K form from Square.  I'm a sole proprieter and my only receipts are listed on the 1099 K.  On the Schedule C I have to enter my gross receipts first and then the amount reported in the 1099 K.  Since they both report my gross receiptsTurbo Tax doubles my gross income.  I know that not reporting the 1099 K would be a red flag to an audit, the same if i don'ta report my income under gross receipts.  Tyring to fool the software with enter negative amounts in the wrong places is just nuts but that is what you have to do.  The softwqre must be corrected.  Working with the form directly doesn't change anything either.  The other problem is that you must use the SSA 1099 form directly to enter retirement income.  You'll never do it with the interview.  Working as administer won't work either.  Changing Windows 11 to Windows 8 mode works sometimes.  We haad this problem for 2 years now.  When will this be fixed?

    1 reply

    Employee
    January 27, 2025

    Don’t enter an amount of gross receipts in Sch C. Just enter the 1099K which will flow to income on Sch C.