To transfer the income from you to your son, you will need to issue him a 1099-MISC for the amount shown on your 1099-K. Be aware you will still need to file a TurboTax Self-Employed return to report the 1099-K income you have received and to show the nominee income (1099-MISC) for your son. He will also need to file a Self-Employed return to report his income and expenses from this transaction. If you are used to using TurboTax Online, you may wish to consider if there would be a cost savings to you by using the TurboTax Desktop/Download product to file both your returns.
The due date for the 1099-MISC is January 31. DO NOT miss this filing, as the penalties are significant for forms that are late or not filed at all.
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