Where to enter 1099-k for a business

[attse]

I received a 1099-K for credit card receipts for sales in my LLC. I am trying to enter that into TurboTax Business, but am not seeing where to enter that for this year. I usually enter and offsetting expense to the same amount since the income numbers already reflect the Credit Card sales. Is that still correct?

[MindyB]

No, you do not have to enter it with offsetting expense to zero it out. When you have a small business, you typically will not be using the 1099-K entry.  Rather, the amounts from 1099-K will already be included in your sales. You can enter the income reported on your Form 1099-K as self-employment income on Schedule C, the same as you would report cash, checks, etc.

See this article for more information: IRS Form 1099-K: What Business Owners Should Know 

[Mike9241]

why are you using TurboTax Business? That's for Corporations, Partnerships, Trusts, and Estates. Not sole proprietorships or single-member LLCs. Rather, you would enter income and expenses directly into your 1040 using the form or schedule appropriate for your business.  

[attse]

I am a multi-member LLC. I am pretty sure last year there was a place to enter the1099-K. The 1099-K is in the name of the business and EIN.

[attse]

So it sounds like you dont need to add the 1099-k as a specific line item anymore?  It is just included in the gross sales number?

[DianeW777]

Yes, you are correct. You can always enter your total sales without a specific 1099-K entry. As long as you can account for your sales with your accounting or bookkeeping, that's all that matters. Keep this form in your tax file should you need it at any future point.

@attse