Yes, when you enter the 1099-K select the type of income, on the following screen use the option of "This amount in box 1a is too high or includes some personal transactions"
Enter the amount that should not be on the 1099-K
I'm sure people get tripped up on this- you are entering what should not be reported, but you enter as a POSITIVE number. (It could be tempting to enter as a negative since it is being subtracted off) but you are entering an amount that doesn't apply to your tax return.
The section for entry of Form 109-K is new since the filing requirements for Form 1099-K has changed this year and I assume will continue to change for the next few years as the IRS figures out the best way to get the form reported.
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