Get your taxes done using TurboTax

Yes, the best way to do this is to report the forms and the adjustment in your business by following these steps:

1. Report the income as received in the COMMON INCOME section:
   1. Form 1099-NEC under Form 1099-NEC, new IRS form for nonemployee compensation (replaces 1099-MISC).
   2. Form 1099-K under Other self-employed income, includes 1099-K, cash, and checks.
2. Report the offset:
   1. Scroll down to EXPENSES and click in the lower left hand corner, Add expenses for this work
   2. Scroll to Other miscellaneous expenses select the toggle, scroll to the bottom of the page and click Continue.
   3. Enter a Description for your offsetting amount, such as Form 1099-K included in Form 1099-NEC reporting and Continue.

@cMatos97