In some cases, you may not be prompted to enter your expenses. You have the option to enter your income net of expenses instead of the amount reported on Form 1099-K. Or you can enter those expenses as a negative amount using these instructions:
- Scroll down the Wages and Income page and select Less Common Income
- Select Start next to Miscellaneous Income, 1099-A, 1099-C
- Scroll down to Other reportable income and select Start
- Choose Yes on the Any Other Taxable Income? screen
- In the Description field, enter "Form 1099-K Selling Expenses" or whatever you prefer.
- In the Amount field, enter your selling expenses as a negative number, select Continue and then Done.
The income from 1099-K will appear on Schedule 1 Line 8j and the expenses will be on Line 8z, which effectively nets them together on Line 9. This is the same outcome as if you entered the net income on Form 1099-K.
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