First, grab a calculator or make a spreadsheet. Next, go to the income section, scroll down to Other Common Income. Select income from 1099-K.
Do not use this section if it is all business income!
Since you received a 1099-K for multiple things, you have to break it down for each category.
- If you had hobby income, select that button, enter the 1099-K information except the income. Instead, use your calculator determine all income related to hobby and enter that amount.
- Next, personal item sales, enter the 1099-K information again except for the income. Use the calculator and determine the personal item sales.
- Continue doing this through all of the options that apply to you.
Enter the same 1099-k information over and over but with the correct amount for each category.
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