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Business & farm
The 1099-K form is not entered into TurboTax. You only report the net amount (after adjustments) in the General Income section. Be sure to subtract out any amounts not considered income (i.e. cash backs) and only include the income for this business before reporting the amount on your 1099-K. Subtract out any amount you included from another Form 1099. Keep records in case you receive an inquiry. As long as the income was reported on your Schedule C, you won't have an issue. It all gets added together and report on Line 1 of your Schedule C.
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March 15, 2021
3:14 PM