1099k from Paypal

[JPMcGavin]

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]

1. Sign in to TurboTax and open (continue) your return
2. Select Federal from the left menu
3. In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
4. Select Start next to Miscellaneous Income, 1099-A, 1099-C
5. Select Start next to Hobby income and expenses
6. Answer Yes to Do you have hobby income or expenses?
7. On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
8. Select Done on Love your dedication—here’s what we’ve got for your hobby
9. To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
10. Select Yes on Any Other Taxable Income?
11. 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.

[LeonardS]

To enter your 1099-K from PayPay follow these steps

1. Sign in to TurboTax and open (continue) your return
2. Select Federal from the left menu
3. In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
4. Select Start next to Miscellaneous Income, 1099-A, 1099-C
5. Select Start next to Hobby income and expenses
6. Answer Yes to Do you have hobby income or expenses?
7. On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
8. Select Done on Love your dedication—here’s what we’ve got for your hobby
9. To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
10. Select Yes on Any Other Taxable Income?
11. 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.