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Level 3
posted Feb 5, 2023 6:44:37 PM

Does line 1 of Schedule C have to match the amount on 1099-K?

I have gig worker income and receive a 1099-K for that.  My actual gross income is less that what is reported on my 1099-K because it includes some reimbursed expenses.  Does the amount that I have on line 1 of my schedule C have to match the amount on the 1009-K?  I'm using TT  Premier and it asks me to enter the amounts from my 1099-K, which it copies over to Schedule C.  Last year, I used TT Deluxe, which didn't have a screen to enter a 1099-K, so I just entered my actual gross income for line 1 of Schedule C.  

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2 Replies
Level 15
Feb 5, 2023 8:18:07 PM

Yes you have report your total gross income including the reimbursed expenses.  Then you can enter the expenses.   You pay tax on the Net Profit on Schedule C.  

Level 15
Feb 5, 2023 8:22:14 PM

Oh and are you using the Online Premier version or the Desktop installed program?  If you are using the Online version you need to upgrade to the Self Employed version to enter expenses.

 

You will probably enter the reimbursed expenses as Supplies or Misc.  Where to enter business expenses
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/01/27109