I can clearly see that fees are not included in the 1099-K form. However, I don’t know if refunds are? When I refund a customer, there is a negative payout. So, wouldn’t the gross amount include all the refunds?
I am filling out an expense/deduction sheet for my tax rep — so I’m trying to figure out if the refunds count as a deduction. I don’t want to write it down if it’s already been accounted for in the 1099-K.
That's a great question - refunds are not included in the calculations. Let me know if you have any further questions about the 1099-K form.