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Where do you enter payment processing fees in Turbotax?
when I accept a payment in PayPal or Stripe for services, they charge me a fee. I'm supposed to be able to write these off, but I don't know where to put them in TurboTax. A search in help returns no results.
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December 12, 2021
11:20 AM
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Get your taxes done using TurboTax
Enter them in the Other miscellaneous expenses section under a category of your choosing ... bank fees or processing fees would be appropriate. Use this section for any expense that doesn't fix in the other 17 categories.
Be careful ... sometimes the fees have already been deducted from the gross sales and the 1099 only reports the net after fees. If so you cannot deduct them again.
December 12, 2021
11:24 AM
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Get your taxes done using TurboTax
these aren't fees for item sales, it's for accepting payments for services using PayPal and Stripe.
December 12, 2021
11:55 AM
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Get your taxes done using TurboTax
Same answer. Enter it as a misc expense.
December 12, 2021
11:59 AM