Assuming that you correctly report the income reported on the IRS form 1099-NEC, In TurboTax Online, report the IRS form 1099-K which duplicates the income as follows:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Scroll down to Other Common Income. Click on the down arrow to the right.
- Click the Start/Revisit button to the right of Form 1099-K.
- At the screen Did you get a 1099-K? click Yes.
- At the screen How would you like to enter your 1099-K? click Type it in myself. Click Continue.
- At the screen Choose which type of income your 1099-K is for, select the button for Hobby income. Click Continue.
- At the screen Let’s get the info from your 1099-K, enter the information. Click Continue.
- Select This amount in box 1a is too high or includes some personal transactions.
- Enter the full amount of the 1099-K in the box Enter the amount that shouldn't be included.
- At the screen Your 1099-K summary, notice that the income relates to ‘Hobby’. Click Done.
The entry will be reported:
- on line 8j of Schedule 1 of the Federal 1040 tax return, and
- on line 8 of the Federal 1040 tax return.
Under Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets, you will find the exclusion noted on the Schedule 1 Line 8 Other Income Statement.
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