There is a way to report non-business income from Form 1099-K in TurboTax by following these steps:
- From the left menu, go to Federal and select the first tab, Wages & Income
- Add more income by scrolling down to the last option, Less Common Income, and Show more
- Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
- Choose the last option, Other reportable income and Start and Yes
- Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. It is essential that the full amount be entered.
- Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount.
Checking through 2020 Form 760 Instructions, there is no reference to having lowered the reporting threshold to $600. You may be thinking of when Form 1099-MISC is required to be issued. This does not mean that income less than $600 does not need to be reported. It just means you will not receive Form 1099-MISC. The IRS taxes worldwide income for US Citizens.
Schedule C is for self-employment income and expense reporting.
Capital Gains are reported on Schedule D. If you prefer to report Form 1099-K as a capital gain, then see: An alternative for reporting Form 1099-K for personal items.
