KrisD15
Expert Alumni

Get your taxes done using TurboTax

You can adjust the 1099-K.

After you select the type of income it is reporting, on the next screen select "This amount in box 1 is too high or includes some personal transactions" and enter the amount that should be subtracted off the 1099-K.

 

Enter the amount that is not income as well as the income that you will enter another way, such as with a 1099-NEC.

Reporting Form 1099-K is new and I'm sure the IRS will adjust the way it's reported. 

 

You might also consider having more than one account so that you can keep personal transactions separate from business. 

 

In TurboTax enter the 1099-K under:
Income
Other Common Income
Income from Form 1099-K     START
On the “Did you get a 1099-K?” screen, select “Yes” 
On the “Which type of income is your 1099-K for?” screen, select what best suits the income   CONTINUE
Enter the 1099-K as it was reported and select the box for “This amount in box 1a is too high or includes some personal transactions” in order to subtract the amount that is not income or will be reported elsewhere. 

 

 

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