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msmarquess
New Member

I use Square CC processing to receive payments for goods sold, but as it was less than $20,000 I did not get a 1099-K from Square. How and where do I enter this income?

Single, LLC
2 Replies
KathrynG3
Expert Alumni

I use Square CC processing to receive payments for goods sold, but as it was less than $20,000 I did not get a 1099-K from Square. How and where do I enter this income?

How and where this income is entered will depend on how you are reporting the single member LLC. Unless an an S-Election was made, this income will be reported on a Schedule C.

 

To enter the income, enter schedulec in the search box and select the Jump to link in the search results.

 

Enter the income in the COMMON INCOME section under Other self-employed income, includes 1099-K, cash, and checks.

 

The income can be offset by reasonable and necessary business expenses incurred to generate the income.

 

For more information, see: Selling Homemade Goods on Etsy? Use this Tax Preparation Checklist - TurboTax Tax Tips & Videos

 

 

mgarry3416
Level 3

I use Square CC processing to receive payments for goods sold, but as it was less than $20,000 I did not get a 1099-K from Square. How and where do I enter this income?

Because you did not receive Form 1099 from Square CC you do not make a separate entry.  the amount you received from Square CC should be included in your Gross Receipts.    

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