Hal_Al
Level 15

Deductions & credits

From the other thread ( https://ttlc.intuit.com/community/taxes/discussion/re-1099-k-from-paypal-and-i-don-t-have-a-business...

 

Q. Is there a way to do enter a 1099-K without claiming it as  income?

A. Yes. You have to use a workaround in TurboTax.

 

Notice that there is no specified place, in TurboTax (TT) for a 1009K.  That's because you are supposed to know what the income is for.

 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Less Common Income

      -Misc Income, 1099-A, 1099-C

       - On the next screen, choose – Other reportable income  

       - On the next screen, click yes

       - On the next screen, you'll get blanks to enter the amount and a description. It will go on line 8 of Schedule 1 as "Other Income".  Suggestion for description: Amount reported on 1099-K 

When that's done, do it again (a 2nd entry).  This time make it a negative entry; put a minus sign (-) in front of the amount. Suggestion for description: 1099-K offset: Taxable portion reported elsewhere on forms