Income reported on 1099-K is considered Self-employment income reported on Schedule C. You can also claim expenses that were incurred for the activities from that self-employment income. This will help lower your taxable (net profit) self-employment income. You will need our TurboTax Self-Employed package in order to claim those expenses as deductions.
To enter your 1099-K as self-employment income, follow these steps:
- Open or continue your return and select Search
- Search for Schedule C and select the Jump to schedule c
- Answer the questions about your business until you get to the Here's your info screen. Select Add income for this work
- If you’re returning to Schedule C, select Review or Edit next to your work and then answer the questions about your business
- On the Let's enter the income for your work screen, select Other self-employed income and Continue
- On the Tell us about other self-employed income for your work screen, enter your 1099-K info
- Select Continue when finished
To learn about what expenses you can deduct from that self-employment income, go here: What self-employed expenses can I deduct?
