Yes, you do need tp report this as Self-Employment income. You can claim your expenses and losses against the income but you do need to report it using Turbo Tax Self-Employed.
Please use the following steps as outlined in this Turbo Tax link , to enter your income and expenses from your 1099K. For clarification, i have added some additional steps.
- Go to Federal > Income & Expenses
- Scroll down to See all income. In the Self-employment section, click Start next to Income & Expenses
- Answer Yes to Did you have any self-employment income or expenses?
- Continue through the interview to enter your business information. Even though you don't think of this as a business, it is reported as a business for income tax purposes.
- When you get to the Let's Review Your Work Info screen, make sure everything is correct and then click Looks Good
- On the Let's get income for work screen, select the type of income you want to enter and click Continue.
- When you get to income section where it asks you your income, you will make the selection that this is other common income (1099K etc) This is where you enter your 1099K information.
- Proceed through the rest of the interview to enter your income
- After you are done entering income. You will begin entering your expenses, including your losses. Turbo Tax does a bery good job guiding you through this section.
- Have a great tax season.
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