SamFromSD
New Member

I got 1099K from PayPal, but turbo-tax is calculating that my 1099K as net income.

how do i deduct cost of goods? All other deductions available to me are expenses like car expenses, home office, etc. All of which have maximums and are not significant compared to my COGs, which are about 80% of my 1099k. I also had w2 wages, so i am using turbo tax deluxe, am I on the correct page?

Also, when i log in, there are no options for business or anything like that.


‎June 5, 2019 11:17 PM
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HelenaC
New Member

Get your taxes done using TurboTax

No, you are not using the right version of TurboTax. If you worked and received cash, check, credit card payments (1099-K), the IRS considers you self-employed.

The TurboTax products that support self-employment are:

To get to the Cost of Goods sold in TurboTax:

  • Type sch c  in the Search box and then select the “Jump to” link.
  • Set up your business.
  • At the Your XXX Business screen, scroll down to Inventory/Cost of Goods Sold and click Start/Update.
  • See the screenshot below. 
  • Continue with the onscreen interview.

Related information:

‎June 5, 2019 11:17 PM
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