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Question

1099-K

1 reply
2 views

How do you deduct credit card processing fees from 1099-K issued from Intuit with them added in as gross income (receipts plus credit card processing fees)? Do you put in the adjustment (amount of processing fees) under the 1099-K gross amount in a separate line with a minus in front of the total of the credit card processing fees?

Employee Tax Expert

Employee Tax Expert

You can subtract the fees from box 1a and enter the net amount from the 1099-K on one line in the income section. Or you can enter the full gross amount and then enter the fees as a business expense. It will work out the same either way.

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