How do I add 1099k

[mamadb8]

adding my 1099k

[MeganS · Accepted solution]

In order to enter a 1099K you may need to upgrade to TurboTax Home and Business.

There is not a certain area in TurboTax for Form 1099-K since the area that you report this form in depends upon what you received it for.

If your Form 1099-K is for self-employment or business on a Schedule C, enter the income along with your other business income in TurboTax.

If your Form 1099-K is for rental income (not common), enter this income along with your other rental income in TurboTax.

If your Form 1099-K is for casual one-time sales and is not a business or even a hobby with recurring income (this can include income from PayPal, Square Card reader, or other electronic payments)  enter the income in TurboTax by going to Misc Income and selecting the last option.  Enter the description as income from 1099-K and the amount.

For Additional Information please see the article below:

https://ttlc.intuit.com/replies/5108144

[tommy8849]

Hi, I have home and business TT and I have 3 1099K's to enter. I have one for ebay and one for paypal, and one for mercari. I am not sure where to enter or do I add the 3 together? Where would I enter it? Thank you

[kenzellw84]

I just got my 1099 paper from how do I add it on

[LenaH]

You can enter the income reported on your Form 1099-K as self-employment income on Schedule C.

Please follow these steps in TurboTax: 

1. Open or continue your return.
2. Search for Sch C and select the Jump to link in the search results.
3. Next:
   • If you’re entering info about your business for the first time you'll be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your type of business) work screen.
   • If you’re returning to Schedule C, select Review or Edit next to your line of work and answer any other screens until you reach the Let's enter the income for (your type of business) work screen.
4. Select Other self-employed income.
5. On the Tell us about other self-employed income for your (type of business) work screen, enter your 1099-K information.
6. Select Continue when finished.

If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.

@kenzellw84

[teresamorgan0301969]

Hello,

Why did my refund go down after entering 1099K?

Thank you,

Teresa M.

[MayaD]

When you report form 1099-K you are reporting an income. If you didn't have any tax withheld on that form or you didn't have enough taxes withheld, you have to pay taxes when you file your return . Also the Income is considered self employment income so you have to pay the Self employment Tax.

If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.