Uber will report your earnings on two forms:
*** Ridesharing companies are required to issue 1099-Ks to drivers who earned more than $20,000 for the year and received more than 200 payments. And they’re required to send 1099-MISCs to drivers who made $600 or more in referrals and other income.
Uber, however, provides both documents to all of its driver-partners to remind them about reporting their income and to help make filing their taxes easier. Whether you receive 1099s or not, you’re required to report and pay taxes on all the income you receive from your ridesharing service.
Since they are not required to send these documents separately, you will need to use the
Tax Summary from your
Uber.com account to get the details of your 1099(s). The Uber tax summary isn’t an official tax document. It’s simply a form that shows your 1099-K and 1099-MISC incomes on one page. It also shows selected expenses you can likely deduct on your Schedule C.
Uber drivers receiving a 1099-K for the first time often are surprised to see that the income reported is greater than the amount they actually received in payment.
- That’s because IRS tax rules require Uber to report the full amount the customer paid, including the company’s commission and other fees.
- Form 1099-K refers to this as the “gross amount of payment card/third party network transactions.”
- Don’t worry. You can likely deduct the extra amounts on Schedule C.
In fact, Uber makes it easy to deduct the correct amounts by providing a “1099-K Breakdown” on its tax summary page. This gives you the totals for:
- Tolls
- Split fares and miscellaneous fares
- Safe ride fees
- Airport and city fees
- Black car fund
- Sales tax
- Booking fees
- And other taxes paid over the course of the year, all of which can usually be deducted from your business income.
The tax summary also provides annual amounts for “other items” included in the 1099-K gross amount, including the Uber fee and your device subscription amount.
The information is from the following article - https://turbotax.intuit.com/tax-tips/self-employment-taxes/how-to-use-your-uber-1099s-taxes-for-uber...
And more information on reporting Uber income and expenses can be found here - https://turbotax.intuit.com/tax-tips/self-employment-taxes/tax-tips-for-uber-lyft-sidecar-and-other-...
