First, the IRS only cares about total income numbers, so you should only report your total income regardless of the forms received (if you look at a Schedule C, you can see only total income is reported).
The best method to handle this situation in TurboTax so you don't double report is to report the 1099-MISC as it was reported to you and then reduce the amount from the 1099-K that you report to account for the double inclusion. A 1099-K gets reported as additional income along with cash and checks, so its simpler to just reduce this amount.
Here are the steps you can take to claim your income -
- Log into your account and click Take Me To My Return (you must click this before searching if you are not already in your account)
- Click the search box at the top right of your screen (magnifying glass icon)
- Search for “Schedule C" in the search box
- Click the "jump to schedule c" ink in the search results.
- Follow the first set onscreen instructions - you might have to set up a Business profile if you already haven’t
- You will arrive at the Your Business summary page where you will see the various income and expenses categories.
Then, to enter business income -
- Click Start/Update next to Business Income
- Click Start/Update next to 1099-MISC Income - report your income from form 1099-MISC here
- Click State/Update next to General Income
- The next page should be Tell us about additional income - enter your income from form 1099-K here but make sure you subtract out any overlap with your form 1099-MISC before you enter the total amount
