Form 1099-K

Forum|Forum|5 years ago
March 31, 2021
1 reply
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I'm working on my daughter's 2020 Federal 1040 return.

She received a 1099-K which records "Payment Card and Third Part Network Transactions" for royalty payments related to a podcast that she produces.

TurboTax is unclear where to list these payments. When I click on "YES" on the page that asks do you have a 2020 1099-K and I click YES, TurboTax tells me it will deal with the figure later.

Please point me to how to report the 1099-K income. Thank you!

RayW7

Level 12

You can enter the income reported on your Form 1099-K (along with any cash or checks you received) as self-employment income on Schedule C.

Open or continue your return.
Search for Schedule C and select the Jump to link in the search results.
Next:
- If you’re entering info about your business for the first time you'll be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your type of business) work screen.
- If you’re returning to Schedule C, select Review or Edit next to your line of work and answer any other screens until you reach the Let's enter the income for (your type of business) work screen.
Select Other self-employed income.
On the Tell us about other self-employed income for your (type of business) work screen, enter your 1099-K information.
Select Continue when finished.

If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.

-follow these links for additional information-

Form 1099-K Decoded for the Self-Employed - TurboTax Tax ...

What Online Business Owners Should Know about ... - TurboTax