thread Re: Discrepancy in 1099-K vs Actual Bank Deposit in Payments Troubleshooting

Discrepancy in 1099-K vs Actual Bank Deposit

MoveRevolution — Sat, 20 Sep 2025 18:51:48 GMT

I realize this is probably due to the delay from the time the card was charged to when the money was transferred to my back. For example, I collected money on December 30th but the transfer didn't process in my bank until January 1st.

My question is, how do I present this to my accountant? Do I put the bank account amount total in box 1a and check the "Corrected" box? Do I leave it alone? Maybe my tax preparer will understand and know what to do but I want to make sure I explain it correctly so it doesn't get overlooked.

In this instance the 1099-K value is approximately $2000 MORE than my bank account records.

Re: Discrepancy in 1099-K vs Actual Bank Deposit

Callee1945 — Tue, 11 Feb 2025 18:21:24 GMT

I would leave the 1099-K alone and let your accountant know that the $2,000 in funds was actually deposited on January 1. This is less important this year than next year (where you'll presumably have an unaccounted for $2,000 in your account not reflected on the 1099-K). It depends on if your accountant/bookkeeper does "cash" accounting or l"edger" accounting how they'll handle it, but it's very common so you're accountant should have no problems with this.

Don't mess with the document on your own, just show them the bank records and the 1099K so they can properly document the discrepancy in case of an audit.