You should report only the income that is derived from sales from your business activity. Be sure to clearly identify any payments that were not business related or were business loans (which is not income). And keep the records for future use.
There is no need for concern as long as all of your records are in order.
Form 1099-K income
is not entered in a document screen. Instead it is reported on the
form where you would report all income for this activity such as a
Schedule C for self employment or Schedule E for rental income.
You will be
able to deduct fees, commissions, phone rental payments, mileage (if you keep a
log), etc.
To get started
in TurboTax Home & Biz:
-
In the search box type schedule c
-
Jump to schedule c
-
Enter self employment income/expenses
If your Form 1099-K
is for rental income (not
common), enter this income along with your other rental income in TurboTax.
