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Get your taxes done using TurboTax
Q. Is there a way to do it without claiming it as an income?
A. Yes. You have to use a workaround in TurboTax.
Notice that there is no specified place, in TurboTax (TT) for a 1009K. That's because you are supposed to know what the income is for.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
- On the next screen, click yes
- On the next screen, you'll get blanks to enter the amount and a description. It will go on line 8 of Schedule 1 as "Other Income". Suggestion for description: erroneous income on 1099K
When that's done, do it again (a 2nd entry). This time make it a negative entry; put a minus sign (-) in front of the amount. Suggestion for description: erroneous income on 1099K offset