After reviewing my Uber Annual Tax Summary and comparing to the 1099-NEC, I noticed that the box 1 of "Nonemployee compensation" matches my Total Additional Earnings and not my total Gross Payment which is significant more. In fact, my Gross Payment is the sum of both my Gross Trip Earnings and Total Additional Earnings. I am concern because the net payout that was deposited in my bank account is a lot more than just my Total Additional Earnings, which is the amount on box 1 of the 1099-NEC.
Which amount do I report, the amount on the 1099-NEC (which significantly less) or the net payout that actually earned (which is more, but not on the 1099-NEC)?
You must report the gross income as reported on the 1099 on the Sch C then you get to deduct the expenses you paid so you are only taxed on the net profit.
How to report Lyft and Uber income
https://ttlc.intuit.com/community/uber-or-lyft/help/where-do-i-enter-my-lyft-uber-income/00/26804
Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ
UBER
What do I need from Uber
How to get the Uber Discount
How to import from Uber
And
https://ttlc.intuit.com/community/entering-importing/help/how-does-importing-from-uber-work/00/27149
How to enter expenses from the Uber Summary
hi! does the difference as shown on tax summary have to be reported as cash income?
thank you
You would report the income as 1099-NEC income. Please see the screenshot below. Your box 1 amount is your income. If they took money from that amount for their internal costs, then that is an expense to you. If you paid anything over and above that amount, then that is also an expense to you.