I don't meet the minimum qualifications to recieve a 1099-K for Square electronic transactions, how should i categorize the income i did receive through this method?

the minimum requirements were to make over 20,000 in gross sales AND have over 200 transactions. i dont meet the requirement, so did not recieve a 1099-K. I still need to report the income but im not sure where to report it or how to catagorize it. does it just fall under the "other self imployed income" option? and should i describe it as cash or electronic where it asks for you to categorize it?

375

Expert Alumni

Apr 17, 2023 7:55:47 PM

If the income was for products sold or services rendered to customers or clients, it would be considered self-employment income. If so, you would need to set up a business entry in TurboTax to report the income and associated expenses. You should enter the payments you received as General Income, Business income not reported on other forms:

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I don't meet the minimum qualifications to recieve a 1099-K for Square electronic transactions, how should i categorize the income i did receive through this method?