1099k from Paypal

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I got a 1099k from PayPal. It was for a$5000 withdrawal I received from an online Sportsbook. However, I deposited $5500 so I netted -500. How and where do I go about entering this info on TurboTax? I am taking the standard deduction and not itemizing.

LeonardS

Alumni - Intuit

Sign in to TurboTax and open (continue) your return
Select Federal from the left menu
In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Select Start next to Hobby income and expenses
Answer Yes to Do you have hobby income or expenses?
On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
Select Done on Love your dedication—here’s what we’ve got for your hobby
To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
Select Yes on Any Other Taxable Income?
On the next screen, enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.

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LeonardS

Alumni - Intuit

To enter your 1099-K from PayPay follow these steps

Sign in to TurboTax and open (continue) your return
Select Federal from the left menu
In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Select Start next to Hobby income and expenses
Answer Yes to Do you have hobby income or expenses?
On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
Select Done on Love your dedication—here’s what we’ve got for your hobby
To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
Select Yes on Any Other Taxable Income?
On the next screen, enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.