You will enter the full amount of 1099-K and 1099-MISC income and then you will write off your expenses. You will enter 100% of the earning and then write off the 39% and 33% as expenses and this will then allow you to only be taxed on the 61% and 77% that you actually received.
https://ttlc.intuit.com/replies/4800425
To
enter this in TurboTax Self-Employed (online) or TurboTax Home & Business
(desktop):
- Start under the Business tab
- How do you want to enter your
business income?, then I'll choose what I work on
- In the "Business
Income and Expenses"
section, next to "Profit or Loss from Business", click Start or
Update
- The next screen will ask
"Did you have any income and expenses for a business in 2016?". Answer Yes.
- Follow the interview until
you reach "Let's confirm your business info". Verify everything is
accurate, then Continue
- Enter Business
Information, click Continue
- Tell us about
your business, click Continue
- Enter Employer ID
Number, If Any, click Continue
- Do you use the cash method of
accounting to run your business?, click Continue
- Did you make any payments
that required you to issue a form 1099?, click Continue
- Do any of these uncommon
situations apply to your business?, click Continue
- Let's confirm your business
info, click Continue
- Your Business page
- Go to Business
Income
- Business Income, then
Click Start.
-
General
Income, click Start
- Tell us about additional
income (Please note: it states Make sure to include any income
reported on Form 1099-K and income from a barter or exchange)
- Type in your
description, click Continue
