If you are self-employed, you will need to include the full amount under the business income section but will be able to take an expense (under the business expenses section) for any fees that are included that reduce the total amount of income that you receive.
If these expenses are not related to a category lists under the "Other Common Business Expenses", then report these business expenses under "Other Miscellaneous Expenses."
To enter these fees into TurboTax Online (for TurboTax Online sign-in, click Here) or Desktop, please follow these steps:
- Once you are in your tax return, click on the “Business"” tab
- Next click on “I’ll choose what I work on” (jump to full list)
- Scroll down the screen until to come to the section “Business Income and Expense”
- Choose “Profit or Loss from Business ” and select start/revisit/update.
- If your business is already listed, choose to "edit"
- You will eventually get to a screen titled "Your () Business"
- Scroll down to Business Expenses and select "Other Common Business Expenses".
- Select "Other Miscellaneous Expenses" and enter here (You can call them "Business Transaction Fees")
Please refer to this IRS link for more information about Business Expenses