What if I received a 1099-K and a 1099-NEC for the same income?
If your 1099-K includes business income and you also received a 1099-NEC for that same income, you would only enter that income once, usually by entering only your 1099-NEC.
Example: You work as a consultant. In 2025, one client paid you $1,000 through Venmo. In 2026 that client sends you a 1099-NEC that shows the $1,000 they paid you. Also, in 2026, Venmo sends you a 1099-K with $5,000 in transactions. It includes the $1,000 your client paid you plus $4,000 from other clients you had throughout the year. You would enter your 1099-NEC. Then, you'd enter $4,000 as 1099-K income for your business (you would reduce your $5,000 1099-K amount by the $1,000 already entered).
Example: You work as a consultant. In 2025, one client paid you $1,000 through Venmo. In 2026 that client sends you a 1099-NEC that shows the $1,000 they paid you. Also, in 2026, Venmo sends you a 1099-K with $5,000 in transactions. It includes the $1,000 your client paid you plus $4,000 from other clients you had throughout the year. You would enter your 1099-NEC. Then, you'd enter $4,000 as 1099-K income for your business (you would reduce your $5,000 1099-K amount by the $1,000 already entered).
