Tax Year 2016: Do I have to report income for LYFT. I made only $657.88 in october of 2016. i have a 1099-k but do i have to report it

DNB — Wed, 03 May 2023 16:59:33 GMT

Yes, you will have to report that income. LYFT drivers r...

KarenL2 — Sat, 01 Jun 2019 04:48:14 GMT

Yes, you will have to report that income. LYFT drivers receive a 1099-K form for their income. However, there is no actual place to enter a 1099-K form. (That form is just for information to assist you.) You will report the total amount of income you earned in the General Income area for business.

You will file a Schedule C as a self-employed person. The Schedule C will flow onto your individual income tax return (Form 1040) and be netted with other personal income and expenses.

How to get to that area: While inside the software and working on your return, type Schedule C in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to Schedule C. Select that to get to the general area.

When you set up your business, you can use your own name, address, and social security number. You can use 485900 (Other transit & ground passenger transportation) for the Business Code. Also, please see this link for Uber as the tax situation is the same for LYFT. Tax Help for Uber Drivers

You will enter the total off ALL of your gross income received. You will see a screen for 1099-MISC if you received one, if not Skip it. Also, there will be a screen after the 1099-MISC screen to enter other business income as General Income. Then, subtract off expenses such as credit card processing fees and other ordinary and necessary business expenses in following screens.

Also, this link may be helpful to you IRS Small Business Help Center .

topic Tax Year 2016: Do I have to report income for LYFT. I made only $657.88 in october of 2016. i have a 1099-k but do i have to report it in Get your taxes done using TurboTax

Tax Year 2016: Do I have to report income for LYFT. I made only $657.88 in october of 2016. i have a 1099-k but do i have to report it

Yes, you will have to report that income. LYFT drivers r...