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How do I enter the 1099-K data for the business?

I am trying to help my daughter do her taxes, which includes selling LuLaRoe clothing...

There is an option for Business Income; Forms 1099-MISC & 1099-K, gross receipts, sales. When I pick that option, It does have a place for 1099-MISC forms, but not for 1099-K. Since it said in the "Learn More" screen the words "... such as ... ", I assume that the 1099-K data can (should) be entered there. But when I fill in the data for the 1099-K form, the block titles don’t match the 1099-MISC.

For block 1, TurboTax asks for "Rents". The 1099-K form that I have lists block 1a as "Gross Amount of payment car/third party network transactions." Maybe this is close enough to call it a match, but ...

The 1099-MISC in TurboTax does not have a block 1b. The 1099-K form also has a block 1b which is labeled, "Card Not present Transactions", and there are figures in this block. How do I report this in Turbo Tax?

The 1099-MISC form in Turbo Tax lists block 2 as "Royalties", and the 1099-K lists this as Card Not Present transactions, which is not blank. How do I report this in Turbo Tax?

The 1099-MISC form in TurboTax lists block 3 as "Other Income". The 1099-K form lists this as, "Number of Payment Transactions". I sure don’t want to enter the number of transactions as income. How do I report this in Turbo Tax?

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1 Reply
LatoyaLO
New Member

How do I enter the 1099-K data for the business?

In order to enter a 1099K you may need to upgrade to TurboTax Home and Business.

There is not a certain area in TurboTax for Form 1099-K since the area that you report this form in depends upon what you received it for.

If your Form 1099-K is for self-employment or business on a Schedule C, enter the income along with your other business income in TurboTax.

If your Form 1099-K is for rental income (not common), enter this income along with your other rental income in TurboTax.

If your Form 1099-K is for casual one-time sales and is not a business or even a hobby with recurring income (this can include income from PayPal, Square Card reader, or other electronic payments)  enter the income in TurboTax by going to Misc Income and selecting the last option.  Enter the description as income from 1099-K and the amount.

For Additional Information please see the article below:

 

 

 

You’ll enter the income reported on your Form 1099-K as 'Additional income' along with any cash or checks you received as self-employment income.

Here's how to enter your 1099-K:

  1. Open your return.
    (To do this, log in to TurboTax and select the blue Take me to my return button.)
  2. Do a search for "Schedule C" and then select "Jump to" link in the search results.
  3. Next:
    • If entering info about your business for the first time:
      You'll be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your type of business) screen where you can enter your 1099-K under Additional Income.
    • If returning to this section:
      Select Edit next to your business, answer any other screens, and you'll come to the Let's get income for (your type of business) screen, where you can enter your 1099-K under Additional income.

If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, fees, etc. You’ll have a chance to enter any business expenses like fees and all other expenses in another part of your return.

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