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bpack14
New Member

I have a 1099K from PayPal, where do I enter this info into turbo tax?

 
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3 Replies
LenaH
Employee Tax Expert

I have a 1099K from PayPal, where do I enter this info into turbo tax?

You will report your 1099-K gross income, as well as your expenses, on a Schedule C (self-employment income). For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit.

 

Please follow these steps in TurboTax to add your Schedule C:

  1. Open your return.
  2. Search sch c with the magnifying glass tool on the top of the page.
  3. Go to the Jump to sch c link in the search results. 
  4. Click on Add another line of work.
  5. Follow the on-screen instructions to describe the income received from the 1099-K.
  6. Click Looks good at the bottom of the summary screen.
  7. Click Other self-employed income for the page titled Let's enter the income for your work.
  8. Enter the data from your 1099-K.
  9. Answer the on-screen questions.
  10. Click on done at the bottom of the info page. 

 

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srsevier
New Member

I have a 1099K from PayPal, where do I enter this info into turbo tax?

have a 1099K from Paypal where i sold or bought parts etc for my personal use.  i do not have a business, i am retired.  amount was $2509.69 and 32 transactions over the year (2020). can i just enter as other income since it isn't a business? i know i will owe the fed tax but it is confusing as it keeps asking about a business which i do not have.  also how will this roll over to my Illinois state taxes.  i called them and they said when i apply it to Federal it will generate to them.  i'm confused.  help

I have a 1099K from PayPal, where do I enter this info into turbo tax?

You don't need to add amount form 1099-K as your income if you don't have a business. If you had any gain on the sales, then you need to add the income to your tax return. The form 1099-K is informational and show you amounts received, if doesn't reflect your expenses. It is your responsibility to do the calculation and keep your record. 

 

You can learn more here:

 

Understanding Your Form 1099-K

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