You are going to file the 1099-K, and keep the 1099-MISC for your records.
You will need to fill out Schedule C
to report your 1099-K as business income. If you made under $400, you don't
have to pay self-employment tax, but you still have to report it on Schedule C
as that is where the IRS will be looking for the income. If you choose to file
it as miscellaneous income you may receive a letter from the IRS.
If you are an Uber driver and
received a 1099-K, then you would enter your pay as freelance business income.
You will need TurboTax Home & Business to enter Schedule C(IRS form
for freelance business) to complete your return.
To Enter Your 1099-K Into TurboTax
Home & Business:
1.
Select "Business" at the top of the screen
2.
Choose "Continue", then "I'll
choose what I work on"
3.
Select "Start" next to "Business
Income and Expenses"
4.
Select "Edit" next to your business name
5.
Select "Visit All" next to Business Expenses
6.
Select "Start" next to "General Income"
7.
Proceed to answer the questions and enter the appropriate items
Example 2: Richard is an Uber driver and gets a 1099-K that shows
$15,000 in total fares. After Uber's commissions and fees, the amount he
actually received was $10,000. He enters $15,000 as income and $5,000 as
commissions under the Business Income and Expenses topic. If he also gets a
1099-MISC, he would enter it as additional income.
Business Code-Taxi & limousine service (485300)
