If you received income from self employment, then you are self employed, and you have to report your income that way.
Here's how to enter your 1099-K in TurboTax:
- Open your return.
(To do this, log in to TurboTax and select the blue Take me to my return button.)
- Do a search for "Schedule C" and then select "Jump to" link in the search results.
- Next:
- If 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 get income for (your type of business) screen where you can enter your 1099-K under Additional Income.
- If returning to this section:
Select Edit next to your business, answer any other screens, and you'll come to the Let's get income for (your type of business) screen, where you can enter your 1099-K under Additional income.
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, fees, etc. You’ll have a chance to enter any business expenses like fees and all other expenses in another part of your return.
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