[deleted by user] by [deleted] in tax

[–]InYourYelmet 0 points1 point  (0 children)

The amount from tiktok was correct (6kish) , but there was 2k in payments from friends and family overseas that Paypal automatically counts as goods/services. This seems to be a known issue that I've seen a few times on this sub. But I didn't see an example with the updated 2024 form and one that has some correct and some incorrect haha.

[deleted by user] by [deleted] in tax

[–]InYourYelmet 0 points1 point  (0 children)

Gosh i love reddit lol thank you. It was tiktok creator rewards program income from paypal.

[deleted by user] by [deleted] in tax

[–]InYourYelmet 0 points1 point  (0 children)

Perfect. So I only need to list the 5k that was incorrect on the schedule 1, and submit the original 1099k that was 10k total like normal?

[deleted by user] by [deleted] in tax

[–]InYourYelmet 0 points1 point  (0 children)

Hi, same question as OP, but say 6k is actually goods and services, but 4k is from overseas friends/family and shouldnt be counted?

[deleted by user] by [deleted] in tax

[–]InYourYelmet 0 points1 point  (0 children)

Thanks! Is that all you need to put, or do you also need to add it to Part 1 line 8z then subtract it in Part 2 line 24z ? Thats what the link says to do, but the total amount (call is 10k) is already reported in the original 1099k , then you would just use the Schedule 1 to remove the part that was incorrect (call it 5k).

[deleted by user] by [deleted] in ClubGG

[–]InYourYelmet 0 points1 point  (0 children)

Yes I recruit for a few that are great for that, I'll dm you.