My Sub S Corp service business received a 1099K "Payment Card and Third Party Network Transactions" from the credit card company. The amount on the 1099K is already shown in the total sales for the business. How do I account for the 1099K without "double counting" that as income?
You'll need to sign in or create an account to connect with an expert.
As long as you have included the 1099K income in your sales totals on your SCorp return, then you do not need to enter the 1099K again. TurboTax Business actually notes this at the top of the screen where your sales receipts revenue is recorded. See the sample screenshot attached.
Just keep the 1099K for your files and be able to document that the 1099K amount is included in your sales amount reported on your return.
As long as you have included the 1099K income in your sales totals on your SCorp return, then you do not need to enter the 1099K again. TurboTax Business actually notes this at the top of the screen where your sales receipts revenue is recorded. See the sample screenshot attached.
Just keep the 1099K for your files and be able to document that the 1099K amount is included in your sales amount reported on your return.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
josephmarcieadam
Level 2
vicki1955vic
New Member
ed 49
Returning Member
jlfarley13
New Member
sonia-yu
New Member