I received 1099-K and 1099-MISC from Uber and Lyft. They included their income and expenses, and I received much less than they stated. How should I handle at TurboTax?

[iyoshimotott]

Actual payment to my account is 61%(Uber) and 77%(Lyft). Should I put the acutal money I received from them as the income at 1099-K, or add the 39%(Uber) 33%(Lyft) portion in the deduction column?  If so, why driver need to add their income portion to my expense area?

[Patrice · Accepted solution]

You will enter the full amount of 1099-K and 1099-MISC income and then you will write off your expenses.  You will enter 100% of the earning and then write off the 39% and 33% as expenses and this will then allow you to only be taxed on the 61% and 77% that you actually received.

https://ttlc.intuit.com/replies/4800425

To enter this in TurboTax Self-Employed (online) or TurboTax Home & Business (desktop):

• Start under the Business tab
• How do you want to enter your business income?, then I'll choose what I work on
• In the "Business Income and Expenses" section, next to "Profit or Loss from Business", click Start or Update
• The next screen will ask "Did you have any income and expenses for a business in 2016?". Answer Yes.
• Follow the interview until you reach "Let's confirm your business info". Verify everything is accurate, then Continue
• Enter Business Information, click Continue
• Tell us about your business, click Continue
• Enter Employer ID Number, If Any, click Continue
• Do you use the cash method of accounting to run your business?, click Continue
• Did you make any payments that required you to issue a form 1099?, click Continue
• Do any of these uncommon situations apply to your business?, click Continue
• Let's confirm your business info, click Continue
• Your Business page
• Go to Business Income
• Business Income, then Click Start.
• General Income, click Start
• Tell us about additional income (Please note: it states Make sure to include any income reported on Form 1099-K and income from a barter or exchange)
• Type in your description,  click Continue