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A Tax Expert's Warning: Don't Make This Costly Mistake if You Receive a 1099-K

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Because of how IRS computer systems are configured, the IRS computers will not detect an over-reporting of income and send you a refund for the difference. If you report too much income, the IRS simply assumes that you were paid for some work in some other way, such as by cash or check, rather than an electronic payment processor.
The article from MSN Money discusses a warning from tax expert Mark Steber about a common mistake people make when they receive a Form 1099-K. This form is issued for payment transactions through third-party networks like PayPal or Venmo, especially when transactions exceed $600 in a year. Steber highlights that many individuals mistakenly think they owe taxes on the entire amount reported on the 1099-K, which includes both taxable income and non-taxable reimbursements or personal transactions. He advises that only the income portion should be reported as taxable, not the gross amount, which could lead to overpayment of taxes if not correctly reported. The article emphasizes the importance of understanding the difference between income and non-income transactions to avoid this costly error.

Read the Full CNET Article at:
[ https://www.msn.com/en-us/money/personalfinance/a-tax-experts-warning-dont-make-this-costly-mistake-if-you-receive-a-1099-k/ar-AA1AiqS4 ]