No. The form 1099-K is used to report income from merchant services and other third party transaction online. It must be entered on Schedule C, Profit or Loss from Business, as self-employment income.
The Schedule 3, line 12a is for form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gain. You may not need Form 2439 on this particular income.
Below are steps to enter 1099K in Turbo Tax.
- Under Federal, jump to Income and Expenses.
- Scroll all the way down until you get to Self-employment (Schedule C: 1099-MISC, 1099-NEC, 1099-K, expenses), click show more,
- Click start on Self-employment income and expenses.
