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We live in Massachusetts and received a 1099-K that is above the Massachusetts income limit but below the federal limit. Does anyone know the best way to file this?

 
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3 Replies

We live in Massachusetts and received a 1099-K that is above the Massachusetts income limit but below the federal limit. Does anyone know the best way to file this?

Does the 1099-K represent business income, and if so, what federal limit is it below?

We live in Massachusetts and received a 1099-K that is above the Massachusetts income limit but below the federal limit. Does anyone know the best way to file this?

Yes, it's business income from Third Party Network Transactions. $20,000 federal limit.  MA changed the limit this year to $600

We live in Massachusetts and received a 1099-K that is above the Massachusetts income limit but below the federal limit. Does anyone know the best way to file this?

If you earned more than $400 net income (income less expenses) working as a self-employed individual (or independent contractor), you must file a Schedule C, business income and expenses with your personal return and pay self-employment tax-same as withheld on a W-2

If you otherwise earned enough to file a return, you must report your self-employment income, no matter how small.

You can claim this income in the below area:

  • Type in schedule c in the search box, top right of your screen, hit

  • Enter key

  • Click jump to schedule c in the search results

  • Arrive at Your 2017 self-employed work summary page

  • Click the Edit button

  • Arrive at the Here’s your info page

  • Click the Add income for this work button

  • Arrive at the Let’s get any additional income page

  • Click the radio button to the le# of Additional income and other income. Includes 1099-K, cash, checks, and other income

  • Click Continue at the bottom right of the screen

  • Follow the prompts and online instructions


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