IRS Form 1099-K walkthrough ARCHIVED COPY - READ COMMENTS ONLY

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[@charleeceejay8543]

I just tried to help a neighbor file from her 1099K forms for her Uber and Lyft gigs. These forms may be "straight forward" but the 1099K Uber and Lyft or the 3rd party payment app vendors for gig workers are from hell! The IRS should specifically tell these companies to issue concise info that corresponds with the 1099k form that the IRS provides, the same as the 1040 form. As it stands this is a train wreck for ppl who just want to file their taxes and get on with their lives. Okay, done venting and so glad I don't gig.

[@latoniasegars4225]

I agree wtf is this

[@greensnake211]

I received a 1099k but some of that payout was sent to the state for sales tax. how do I properly omit that portion so I'm not paying tax on it?

[@teachmepersonalfinance]

You would report the entire amount, regardless of how much was withheld for state taxes. You *might* be able to exclude the state taxes, but only if you itemize deductions on Schedule A (see below). Otherwise, you'd have to report and pay federal tax on the entire amount, including the amount that gets remitted for state tax purposes. IRS Schedule A, Itemized Deductions Article: www.teachmepersonalfinance.com/irs-schedule-a-instructions/ Video: kzbin.info/www/bejne/Y2i8hqqHa7Zkgqs Playlist: kzbin.info/aero/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6

[@GpMarvelRivals]

what if i got a 1099k form but was under 200 transactions and under 20.000 in sales ?

[@teachmepersonalfinance]

You would report the information on your tax return as indicated in the form instructions.

[@SamuelCaron-jy7rh]

What if I had over 200 transations with a client, but only remitted 150 payment transactions, the rest being in transit ?

[@teachmepersonalfinance]

I'm not sure that I understand your question. Are you asking about how to complete IRS Form 1099-K, or how to report earnings that were reported to you on IRS Form 1099-K?

[@Rivanni1]

I really wish etsy would send one to me so much harder without it if I didn't make over 600$ ... but I still have to report ... so hard to fond the EINS for the payers

[@Faith-x1g]

Hi ,I am really don't know wat to do. I just got one of these in the mail today 1-18-2025. I got it from cash app. I have a cash app actt. But I don't have a business. It's got my ss# last 4. My address. But I never made this money. 89,000. An no taxes were taken out.

[@teachmepersonalfinance]

I would suggest that you still report this to the IRS, because they probably will figure out if you don't. However, you can report it in a way that doesn't increase your tax bill. When you file your tax return, you'll report this on Schedule 1 of your tax return (see links to resources below). At the very top of the form, there is a space where you will enter this information. You'll see the following text next to that space: "For 2024, enter the amount reported to you on Form(s) 1099-K that was included in error or for personal items sold at a loss" If you report the 1099-K amount in that space, then you shouldn't have to pay taxes on it. IRS Schedule 1, Additional Income and Adjustments to Income Article: www.teachmepersonalfinance.com/irs-schedule-1-instructions/ Video: kzbin.info/www/bejne/aHncfp59eK6ej8k