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Get your taxes done using TurboTax
You only enter your total income regardless of the breakdown between the forms. In TurboTax, income from a 1099-K is included in general income as the form itself is only used to report credit card and third party transactions. However, there is a specific entry for income for a 1099-MISC. So, if the two overlap, then you enter the 1099-MISC income in full and reduce your general income (1099K) by that amount.
Example: You have $9,000 in income. You have a 1099-MISC for $5,000, but you also have a 1099-K for $5,000 of which there is a $1,000 overlap with your 1099MISC income. You would enter the 1099-MISC as reported for $5,000. You would then enter only $4,000 under general income. This way you are only reporting your true income of $9,000.
If you need navigation instructions for entering both of these incomes -
- Log into your account and click Take Me To My Return (you must click this before searching if you are not already in your account)
- Type “Schedule C" in the search box, top right of your screen, then click the magnifying glass
- Click the "jump to schedule c" ink in the search results.
- Follow the onscreen instructions - you will have to set up a Business profile if you already haven't
- You will arrive at the Your Business page where you will see the various income and expenses categories.
- On the Your Business page, click Start or Update next to Business Income
- Click update next to 1099-MISC and enter the income from this form
- Click update next to General Income and enter the remaining income (form 1099K minus amount already reported plus any other income you have)