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

3 ай бұрын

I agree wtf is this

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

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

@teachmepersonalfinance2169

4 ай бұрын

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

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

@teachmepersonalfinance2169

4 ай бұрын

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?

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?

@teachmepersonalfinance2169

3 ай бұрын

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: kzread.info/dash/bejne/X2uNt9mKZrSXfKw.html Playlist: kzread.info/head/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6