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i have miss information on my 1099k. I had a sale and it was cancelled but yet square processed it no money was put in my account it was cancelled but yet it showed over 18,000.00 in sales that didnt happen and was reported to irs.
How do I fix this, I don't want to pay taxes on 18,000.00 that i never recevied.
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All sales have to be reported per the IRS rules, you'll simply show your tax preparer your refunded amounts and your net incomes and they will handle it. You won't have to pay taxes on income you didn't take in.
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Hey @ironwolf74, thanks for reaching out and I'm so sorry for the confusion.
The amount and transaction count on each 1099-K is calculated based on your gross sales on the transaction date of the sales. This includes revenue from card payments that were refunded. For more information, have a look at this section of our Support Center: 1099-K Tax Reporting Information. If you still have any questions or concerns, you may want to touch base with a tax professional on how to proceed.
Hope this helps get you in the right direction.
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All sales have to be reported per the IRS rules, you'll simply show your tax preparer your refunded amounts and your net incomes and they will handle it. You won't have to pay taxes on income you didn't take in.
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Thanks for helping clarify, @VanKalkerFarms—appreciate you sharing your experience as always! 🙏
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How do I show my accountant the amount refunded if it never made it into my bank account? From Square report?
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Wow, I didn't realize this. Good to know.
This seems like a very important point to be on a short list about 1099 forms.
Unfortunately refunds aren't exactly rare, but can be infrequent enough to make it difficult to keep track of them. Hopefully there is an easy way to run a report showing all the refunded transaction amounts...otherwise tax time will be quite unpleasant.
This is one of those things that I think Square should really work to let people know *in advance*, as part of general information provided with the 1099's.
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