topic 1099k Pay Pal Virginia in Get your taxes done using TurboTax

1099k Pay Pal Virginia

Axl07 — Fri, 19 Mar 2021 20:22:08 GMT

I received a 1099K because I'm a VA resident and broke the $600 rule. Now and than I sell some stuff on eBay but did not make a profit.

After hours of Googling I don't understand where to enter this. I purchased Turbo Tax Home and Business (Download from Amazon) Do I have to pay taxes on this. I mean I'm paying taxes on what I paid for shipping labels for my hobby.

I have read several post stating I can report as other income and write it off. Other post say report in investment income and write off with losses. But none of the directions match up with what I see on my screen.

I tried starting a schedule C but should I use my name and home address as the business. I didnt see anything to enter the information that is on the 1099k. Very confusing please help!

Re: 1099k Pay Pal Virginia

RayW7 — Fri, 19 Mar 2021 21:40:22 GMT

You should enter this income in Schedule C along with any expense(s) you may have incurred.

You can use your name and information as the sole proprietor of this business.

You can enter the income reported on your Form 1099-K (along with any cash or checks you received) as self-employment income on Schedule C.

Open or continue your return.
Search for Schedule C and select the Jump to link in the search results.
Next:
- If you’re entering info about your business for the first time you'll be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your type of business) work screen.
- If you’re returning to Schedule C, select Review or Edit next to your line of work and answer any other screens until you reach the Let's enter the income for (your type of business) work screen.
Select Other self-employed income.
On the Tell us about other self-employed income for your (type of business) work screen, enter your 1099-K information.
Select Continue when finished.

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, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.

-follow this link for additional information-

Form 1099-K Decoded for the Self-Employed - TurboTax Tax ...

questions

eb5100 — Wed, 31 Aug 2022 17:56:21 GMT

questions about the new, much lower income threshold and how payment apps (like Venmo®, CashApp® and PayPal®) could impact your taxes. for self employed