You will report your 1099-K gross income, as well as your expenses, on a Schedule C (self-employment income). For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit.
Please follow these steps in TurboTax to add your Schedule C:
- Open your return.
- Search sch c with the magnifying glass tool on the top of the page.
- Go to the Jump to sch c link in the search results.
- Click on Add another line of work.
- Follow the on-screen instructions to describe the income received from the 1099-K.
- Click Looks good at the bottom of the summary screen.
- Click Other self-employed income for the page titled Let's enter the income for your work.
- Enter the data from your 1099-K.
- Answer the on-screen questions.
- Click on done at the bottom of the info page.
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