The 1099-K from Square combines two small businesses using the same Square. Square will not separate them (they can't tell any difference), so what is the best way to enter this information? Use the option in TurboTax (desktop) that the amount is too high? Make corrections somewhere else?
When you have a small business, you typically will not be using the 1099-K entry. Rather, the amounts from 1099-K will already be included in your sales. You can enter the income reported on your Form 1099-K as self-employment income on Schedule C, the same as you would report cash, checks, etc.
See this article for more information: IRS Form 1099-K: What Online Business Owners Should Know
Thanks. So the income from sales already includes the sales processed by Square (and reported on the 1099-K. No need for me to even input the 1099-K information. Not sure what you meant by "you can enter the income reported on your form 1099-K as self-employment income..." if it is already embedded in the Schedule C sales amount???
It simply means you do not want to report the income twice. If you know that amount is already included in your total sales, then keep it for your records but do not duplicate your income.