I have 2 1099-Ks, one from paypal and one from eBay for my reselling business. Both represent the total revenue for the business ( without deducting any expenses like shipping or paypal / payment processing fees ).
I enter those into turbo tax when it asks for them under the Business income and expenses section ( Schedule C) and my tax liability shoots up. Then on the NEXT page ( in turbo tax deluxe 2024 ) it asks for my income and sales for my reselling business
Here is my question: I feel like i already entered my income and sales when I entered my 1099-Ks. So I should enter zero in the box when it asks for income and sales amounts. Here is what turbo tax says in the help widget:
"Enter business income that is not on a 1099-NEC or a 1099-MISC.
Other Receipts or Sales
Enter all gross receipts or sales that you have not already reported as Form 1099-MISC income, Form 1099-NEC income or as Form W-2 income.
If you are a cash basis taxpayer, money available to you at the end of the year is considered taxable income for that year. Money that is set apart for your use, credited to your account, or otherwise made available for you to use at any time is considered available.
If you receive a check but don't cash it until the beginning of the next year, you are still considered to have received that money in the prior year."
Thoughts on this? PLEASE HELP! I'm planning on entering zero in this box even though the above section written by turbo tax does not explicitly state that 1099-Ks are excluded from this section ( it says that NECs and MISCs are excluded ). I have a feeling it includes 1099-Ks because if I enter in my income and sales into this field (without a zero ) it more than doubles my income and my tax liability.
Also, where do I enter shipping expenses and payment processing expenses into turbo tax for a reselling business?
Thank you SO SO MUCH in advance!
