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posted Feb 8, 2021 1:13:42 PM

1099K from Square

I got a 1099K from Square for credit card payments.  I already have this income entered in Quickbooks which was transferred into Turbo Tax for my return.  Do I have to list my 1099K from Square if the income is already recorded?  I don't want it to look like I made twice my income.

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1 Best answer
Expert Alumni
Feb 8, 2021 1:34:29 PM

No, you do not have to report amounts from a 1099-K  -  as long as the income is reported elsewhere in your return.

 

You  don't need to create a separate entry for your 1099-K info in TurboTax. That's because your 1099-K income should already be included in other income, such as your self-employment or rental income (or pass-through entity).

 

 

1 Replies
Expert Alumni
Feb 8, 2021 1:34:29 PM

No, you do not have to report amounts from a 1099-K  -  as long as the income is reported elsewhere in your return.

 

You  don't need to create a separate entry for your 1099-K info in TurboTax. That's because your 1099-K income should already be included in other income, such as your self-employment or rental income (or pass-through entity).