While the Form 1099-K isn't reported on your return, the IRS will still be looking for that amount. The amount reported on Form 1099-K is the gross amount, which doesn't take into account the amount they may have charge you for fees, refunds, discounts, etc.
Go to your Self-Employment Income and Expenses.
If you haven’t started this scroll to Self-Employment under Federal Taxes, Wages and Income. Click “Show More” next to Self- Employment, then click Start next to Income and Expenses. (Or you can type "Schedule C" in the search box in the upper right corner, click on the magnifying glass icon and then click on the Jump to link.)
When you get to “Let’s get income for (name of business)" click on the line for “Additional Income”. Turbo Tax will ask for a description (Form 1099-K) and an amount. Enter the amount reported on your Form 1099-K. You can go on and enter any other fees, refunds, etc.
Please continue reading for further information about Form 1099-K.
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