Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Oct 1, 2023 12:12:33 PM

is it required to list 1099-k separately if the $ amount is already reported in "General Income"

95% of my brick-and-mortar business sales are credit card charges and I received a 1099-k from my merchant service provider. It does not adjust for local taxes received and paid. I reported the total of my gross sales, Cash Sales + Credit Card sales - Taxes collected and paid to the state, under "General Income".  All sales are done at the register and my register prints out the "gross total" for me. I use that number for "General Income". Should I change this and list the 1099-k separately and just have cash sales under "General Income" or am I good because all sales are accounted for? I do not have any other 1099s.

0 1 555
1 Replies
Level 15
Oct 1, 2023 12:20:00 PM

It's ok.  As long as you report your total income under General or cash.  But you should not deduct the sales tax.   That goes under expenses.