Get your taxes done using TurboTax

Do both forms report proceeds that will be reported as self-employment income reported on a Schedule C Profit or Loss From Business?

If this is the case, I would create the self-employment activity and report the IRS form 1099-NEC as income reported within the self-employment activity.

In TurboTax Premier Online, report self-employment income and expenses by following these directions:

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click on the drop down arrow to the right of Self-employment.
• Click to the right of Self-employment income and expenses.
• At the screen Tell us the type of self-employment work you do, enter the answer and click Continue.
• Establish the self-employment activity and report the income and expense.

Report the IRS form 1099-K:

• At the screen Which type of income is your 1099-K for, report the IRS form 1099-K proceeds as Other.  
• Select This amount in box 1a is too high.... and report the full amount.
• The amount in box 1a should be reported on Schedule 1 Additional Income and Adjustments to Income as an amount reported to you on form 1099-K that was included in error.

Retain all paperwork with you income tax files should a tax authority contact you at a later time.