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Get your taxes done using TurboTax
No, you do not need to report Form 1099-K separately if the income is already included under Less Common Income >> Prizes, Awards, and Gambling Winnings. This topic will also allow you to enter your gambling losses. If you are able to itemize your deductions, your gambling losses will be reported on Schedule A to offset your winnings.
Note: Form 1099-K is used by the IRS to track payments that you received from credit cards, debit cards, or electronic payment services (Square, PayPal, ePay, etc.). For 2022 the IRS does not require you to report these payments separately. TurboTax will not give you a separate field for the amounts reported on your 1099-K(s), which is why you need to report this income under the appropriate income topic.
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‎January 29, 2023
5:53 AM