topic How will 1099-K information be imported into Schedule E in Tax law changes

How will 1099-K information be imported into Schedule E

KingFisher100 — Fri, 25 Nov 2022 17:31:43 GMT

A tenant has been paying part of his rent using PayPal. I report rental income using Schedule E. Since the threshold for PayPal reporting income has been decreased from $20K to $600 for the 2022 tax year, I expect that PayPal may send me a 1099-K. How should the 1099-K information be input to ensure that it goes into Schedule E?

Re: How will 1099-K information be imported into Schedule E

rjs — Fri, 25 Nov 2022 18:25:06 GMT

When you enter a Form 1099-K in TurboTax for 2022, it asks you what type of income it is, and gives you a list to choose from. If you select "real estate rentals" it will put the income on Schedule E.

To enter the 1099-K go to Federal Taxes > Wages & Income > I'll choose what I work on > 1099-MISC and Other Common Income > Income from Form 1099-K, or type 1099-k in the Search box, then click the link that says "Jump to 1099-k."

Re: How will 1099-K information be imported into Schedule E

Anonymous_ — Fri, 25 Nov 2022 18:26:11 GMT

There is a new line for 1099-K entries in the Rental section of the program.