1099-k stealth + legit main Paypal income

shootemup321 · #1 01-20-2019

So last year I filed taxes without a 1099 as I didn't reach the limit on any of my 3 paypal's, I just combined all the income from all 3 and filed taxes without an accountant since I really didn't make that much and it didn't seem worth it. This year I did receive a 1099k form on my stealth with variation name. This is a business account I had to provide a EIN around June when I received alot of business in one month. My main account that is not stealth didn't reach sales for the 1099k just under. So this year I have 2 paypal's to report income from my Stealth with variation name and my main that is legit. I'm just wondering do I combine the 2 incomes into one or am I suppose to make them separate on the tax form? I'm just thinking If I put down more income then what is on 1099k is that a red flag? I would think not as long as I'm not under the amount that is on the 1099k right?

I'm kinda thinking of going to accountant but I have always done my own taxes until I started my own business it gets a little bit harder.

Any answers would be much appreciated, Thanks for taking the time.

nodeal · #2 01-20-2019

You should get advice from an accountant.

I think one relevant detail is what bank the legit account that didn't receive a 1099 are the funds being transferred into? From what I know, if they are being transferred into a bank account opened under the same business name as what is on your 1099, then You can report all the income under the one business that is on your 1099. It is fine if a portion of your sales is not listed on the 1099 and you file something higher as long as it is money that actually is going into your business bank account.

If the bank attached to your legit account is a personal bank and not under the company name, maybe an accountant would tell you it is better to have it separated.

Depending on the amount of money, it might not matter too much either way though. Talk to a professional.

shootemup321 · #3 01-21-2019

Both PayPal’s have separate banks the one without 1099k is a credit union checking account and the one with a 1099k is a BOA savings account. The 1099k just shows my name which I believe is what I made the business name, I’ll have to go back to the paperwork to confirm as I was in a rush to get the EIN or they were going to limit my account. Both of my banks are personal accounts not set up for a business.