Enter the description, for your 1099-K Payment Card and Third Party Network Transactions, on the First, let's confirm your business name and address screen. See the screenshot below.
To get to the TurboTax screen: While in your return:
- 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.
TurboTax Online Self-employed or TurboTax CD\Downlaod Deluxe and higher versions support Schedule C, Profit or Loss from Business.
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.
- 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 Uber withheld (commissions etc), look on the 2016 Tax Information link on the payments page of your 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.)
- As an Uber, Lyft, or other self-employed driver, you can deduct work-related expenses.
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