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New Member
posted Jun 4, 2019 5:35:21 PM

How to file 1099K payment card and third party netwoprk transactions for Sub s Corp when amount is part of total sales

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?

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1 Best answer
New Member
Jun 4, 2019 5:35:26 PM

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.

1 Replies
New Member
Jun 4, 2019 5:35:26 PM

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.