Did You Receive a 1099-K? Make Sure You Don't Make This Costly Mistake

Business and Finance Business and Finance

Wed, March 5, 2025

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Consumer complaint list for 2024 released by NY Attorney General Letitia James

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KCCI chief political reporter Amanda Rooker and p .. nnis Goldford discuss Trump's address to Congress

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Ex-Baseball Star Slams ICC of Giving India an Und .. either play the game with fair rules or we don't'

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3 excellent ASX ETFs to buy with $3,000 this month

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Sustaining economic growth and other takeaways from China's legislative session

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Trump working with House Republicans for bill to fund government until September

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Stock market today: Wall Street gains ground as U.S. softens position on some tariffs

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The House: Urgent debate on Andrew Bayly resignation - Prosecution and defence

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MLB's ABS challenge system arose in part because of players' concerns about umpire gambling

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Transgender Mice and "Secret" Transitions: Your G .. de to Making Sense of Trump's Address to Congress

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[ Yesterday Afternoon ] - MSN

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[ Yesterday Afternoon ] - WOPRAI

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[ Yesterday Afternoon ] - MSN

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[ Yesterday Afternoon ] - MSN

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[ Yesterday Afternoon ] - WOPRAI

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[ Yesterday Afternoon ] - WOPRAI

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[ Yesterday Afternoon ] - WOPRAI

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Blue Yonder: 2024 Business Review

Did You Receive a 1099-K? Make Sure You Don't Make This Costly Mistake

^{Published on 2025-03-05 07:40:57 - CNET}

Because of the way 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 CNET discusses the implications of receiving a Form 1099-K, which is used to report income from payment card and third-party network transactions. It highlights a common and costly mistake made by taxpayers: assuming that the amount reported on the 1099-K represents their total taxable income. Instead, the article explains that the 1099-K might include transactions that are not taxable, such as reimbursements or transfers between personal accounts. It advises taxpayers to carefully review their transactions, subtract any non-taxable amounts, and only report the actual income on their tax returns. The piece also notes changes in the reporting thresholds for 1099-K forms, which could lead to more people receiving this form, and emphasizes the importance of understanding what constitutes taxable income to avoid overpaying taxes or facing penalties for under-reporting.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/did-you-receive-a-1099-k-make-sure-you-dont-make-this-costly-mistake/ ]

Contributing Sources

CNET

N@N

Did You Receive a 1099-K? Make Sure You Don't Make This Costly Mistake