I received 1099-K and 1099-MISC from Uber and Lyft. They included their income and expenses, and I received much less than they stated. How should I handle at TurboTax?

iyoshimotott · ‎June 4, 2019

Actual payment to my account is 61%(Uber) and 77%(Lyft). Should I put the acutal money I received from them as the income at 1099-K, or add the 39%(Uber) 33%(Lyft) portion in the deduction column? If so, why driver need to add their income portion to my expense area?

Patrice · ‎June 4, 2019

You will enter the full amount of 1099-K and 1099-MISC income and then you will write off your expenses. You will enter 100% of the earning and then write off the 39% and 33% as expenses and this will then allow you to only be taxed on the 61% and 77% that you actually received.

https://ttlc.intuit.com/replies/4800425

To enter this in TurboTax Self-Employed (online) or TurboTax Home & Business (desktop):

Start under the Business tab
How do you want to enter your business income?, then I'll choose what I work on
In the "Business Income and Expenses" section, next to "Profit or Loss from Business", click Start or Update
The next screen will ask "Did you have any income and expenses for a business in 2016?". Answer Yes.
Follow the interview until you reach "Let's confirm your business info". Verify everything is accurate, then Continue
Enter Business Information, click Continue
Tell us about your business, click Continue
Enter Employer ID Number, If Any, click Continue
Do you use the cash method of accounting to run your business?, click Continue
Did you make any payments that required you to issue a form 1099?, click Continue
Do any of these uncommon situations apply to your business?, click Continue
Let's confirm your business info, click Continue
Your Business page
Go to Business Income
Business Income, then Click Start.
General Income, click Start
Tell us about additional income (Please note: it states Make sure to include any income reported on Form 1099-K and income from a barter or exchange)
Type in your description, click Continue

View solution in original post

Patrice · ‎June 4, 2019

You will enter the full amount of 1099-K and 1099-MISC income and then you will write off your expenses. You will enter 100% of the earning and then write off the 39% and 33% as expenses and this will then allow you to only be taxed on the 61% and 77% that you actually received.

https://ttlc.intuit.com/replies/4800425

To enter this in TurboTax Self-Employed (online) or TurboTax Home & Business (desktop):

Start under the Business tab
How do you want to enter your business income?, then I'll choose what I work on
In the "Business Income and Expenses" section, next to "Profit or Loss from Business", click Start or Update
The next screen will ask "Did you have any income and expenses for a business in 2016?". Answer Yes.
Follow the interview until you reach "Let's confirm your business info". Verify everything is accurate, then Continue
Enter Business Information, click Continue
Tell us about your business, click Continue
Enter Employer ID Number, If Any, click Continue
Do you use the cash method of accounting to run your business?, click Continue
Did you make any payments that required you to issue a form 1099?, click Continue
Do any of these uncommon situations apply to your business?, click Continue
Let's confirm your business info, click Continue
Your Business page
Go to Business Income
Business Income, then Click Start.
General Income, click Start
Tell us about additional income (Please note: it states Make sure to include any income reported on Form 1099-K and income from a barter or exchange)
Type in your description, click Continue

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I received 1099-K and 1099-MISC from Uber and Lyft. They included their income and expenses, and I received much less than they stated. How should I handle at TurboTax?