My son does Uber as a side job, he received a 1099 NEC and 1099 K, as I enter the info Turbo tells me if i have a 1099 NEC do not need to enter 1099 K WRONG you subtract the amount on the 1099 NEC from the amount on 1099 K. NEC is tips, 1099 K is everything.
If the 1099-K is everything then just enter it. Do not enter the 1099-NEC if the amount is already included in the 1099-K.
Or, if you want to enter it anyway, enter it and then enter an expense for the exact same amount. Call the expense "received a duplicate form" or something like that.
Thanks for info, as I was dong taxes Turbo first asked me for the 1099 NEC once I entered the info it said no need to enter the 1099 K. I figured it out though . They need to adjust so it only asks for the 1099 K.
The IRS requires Form 1099-NEC be accounted for on the tax return.
Form 1099-NEC reports Self-Employment income and must be reported on Form 1040.
There is a little more leeway for Form 1099-K since that form can report several different things.
Not reporting Form 1099-NEC would raise a red flag with the IRS. They would investigate.
Not reporting Form 1099-K might not.