You don't have to enter Lyft's EIN. See the screenshot below.
When you are a Lyft driver, you are self employed.
- Enter your Name as the business name,
- Enter your address as the Business Address and,
- Click on NO when asked if you have an Employer Identification Number.
You are self-employed and have to set up your
Uber income as a business on Schedule
C, Profit or Loss from Business. You will be able to deduct expenses
against the income.
Please note the following
:
- The
IRS Form 1099-K (and/or IRS Form 1099-MISC) does not have their fees,
commissions, safe rider fees or phone rental payments taken out.
-
Lyft/Uber
drivers need to deduct those as part of your business expenses along
with the mileage you drove.
- If
you didn't keep track of the mileage or the amounts Lyft/Uber withheld (commissions
etc), look on the 2016 Tax Information link on the payments page of your Lyft/Uber
driver account. There is a summary sheet linked at the bottom and it shows the
fees they took out as well as the mileage for the trips (your mileage may
actually be more as you drove around waiting for a hit.)
To enter your income from being a Lyft Driver:
- Type sch c in the search bar and click search.
- Click
on Jump to sch c.
- This
will take you to where you can enter additional income from your 1099-K.
- You
may be asked some general questions about your business.
- On
the First, let's confirm your
business and address screen,
scroll down to Business
description.
- After
you answer them, you’ll be taken to the Your
Business screen where you can enter your 1099-K under Business Income.
- 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, fees, etc.
Related information:
