Your 1099-K from PayPal would be reported through a Schedule C on your tax return. On your schedule C, you can enter both your income and expenses.
To access your Schedule C in TurboTax, you can follow these steps:
- Open your return.
- Search for Schedule C with the magnifying glass tool on the top of the page.
- Select the Jump to Schedule C link in the search results.
- Select Yes to the question Did you have any self-employment income or expenses?
- Follow the on-screen instructions to complete your Schedule C.
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