You're on the right track. There's actually a particular screen in Desktop Business that will accommodate you, and it's 1099-K specific.
Under FEDERAL TAXES ---> Wages & Income:
- Scroll down to Rental Properties and Royalties and select Start or Update to the right of Rental Properties and Royalties (Sch E)
- Proceed through the screens, entering or editing information as needed, until you come to the Review Your (Business Address) Rental Summary
- Select Start or Update to the right of Rental Income
- On the Rental Income screen, select Start or Update to the right of Business income reported to you on Form(s) 1099-K
- Select Add a 1099-K
- On the Let's get the info from your 1099-K screen, enter your Form 1099-K information.
- Check the box to the left of This amount in box 1a is incorrect
- Select the bullet next to Box 1a is overstated or contains personal use amounts. Enter the Form 1099-K amount related to the security deposit (all, if appropriate), then select Continue
