You will need to file Schedule C Profit or Loss from Business to report the income on your 1099-K and your expenses, to include the cost of the items sold, to figure your net profit.
To enter your 1099-K on a Schedule C follow these steps:
- Open your return.
- Search for schedule c and click the Jump to link in the search results.
- Answer Yes to Did you have any self-employment income or expenses?
- Follow the on-screen instructions.
- On the page titled, Your info, scroll to the bottom and click Looks Good.
- Click on Form 1099-NEC on the page Let’s enter the income.
- Click continue.
- Follow the on-screen instructions.
- Enter any relevant expenses to your business.
If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.
This link How do I enter a 1099-K in TurboTax Online? has information that you may find helpful.
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