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Retirement tax questions
Essentially, you are required to report all your business income, regardless of how it is reported. Turbotax has a place to enter a 1099-K, and that will trigger various steps in the interview related to hobbies and self-employment. But since since you will already have a schedule C, I would just report your income under schedule C, and ignore the 1099-Ks, and if the IRS sends a letter, you can explain.
The IRS should already be used to people whose schedule C income doesn't add up to the tax forms they get, so I don't think this will cause a problem. The change in the law is more about capturing business activity that went under the radar before.
‎August 31, 2022
5:26 PM