Q. Can I just add 1099-k income into my gross salary?
A. No. It would be treated as earned income and that would be wrong.
Q. Where should I report the amount from the 1099-K that the IRS is expecting me to report somewhere as income?
A. Enter on line 8z of Schedule 1, as "other income".
TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income - Answer yes to Any other Taxable Income -On the next screen, Enter the amount. Briefly explain at description. Call it something like "erroneous 1099-k for gift"
