Hello! I have entered my business income as requested, but it's showing as $0 in following screens. Also, what is a 1099 MISC and a 1099 K, do I need to fill them out?

[wildcountry2010]

I believed I need to fill out a schedule C also, yes or no? That's why I'm not sure what to do with the 1099's...

[Coleen3 · Accepted solution]

Yes, all compensation that is not from a W-2 as an employee is entered on Schedule C Profit or Loss from Business. There are different ways to receive this income. If you made more than $600, you would get a 1099-Misc. Companies that receive payments by credit card, issue a 1099-K. You may not even receive a reporting form, but the income still has to be reported.

If the form is not showing the income as it should, you can delete it and start over. Remember also, that if you took expenses, the income may not look the same.

1. Open your return in TurboTax.
   (To do this, sign in to TurboTax, and click the orange Take me to my return button.)
2. In the upper right corner, click My Account > Tools.
3. In the pop-up window, select Delete a form.
4. Click Delete next to the form/schedule/worksheet

If you did not receive a 1099-Misc.

• Click on Business on the top row of TurboTax Self-Employed Online.
• Go to Business Income
• Under General Income, click Start
• Enter any income from sales or services that weren't reported on Forms 1099-MISC

If you did receive a 1099-Misc, follow these steps.

While in your return, type “1099-misc” in the Search box and then select the “Jump to” link. This will take you directly to the section where you can enter your 1099-MISC.

After you’ve entered the information from your 1099-MISC, TurboTax will ask a series of questions to determine if your 1099-MISC income is from self-employment or is ordinary income.