- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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