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To record the Form 1099-K on your tax return depends on if you are a business or if it is personal transactions. If you are recording business transactions, see the article below.
If you are recording personal transactions:
Whether you are using TurboTax online or TurboTax CD/download, entering your 1099-K with a corresponding offsetting amount is essentially the same. The 1099-K amount will appear on Schedule 1 to Form 1040, and the same amount expressed as a negative number will also appear on Schedule 1, line 24z.
If you are using TurboTax online, follow these steps:
To enter the corresponding offsetting amount, follow these steps:
To view Schedule 1 in TurboTax online, follow these steps:
Did You Get a Form 1099-K and Aren’t Self-Employed or a Small Business?
What Online Business Owners Should Know about IRS Form 1099-K
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