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Cant seem to find where to enter 1099-K

I have read over the other peoples questions regarding the same thing. But I still can't seem to find exactly where to enter the 1099-K form.

Please help!!
  • I have been at that site numerous times. I just need to know exactly where to enter my 1099-K income.
  • You enter it under wages & income in the category where it would belong if it had not been reported on a 1099-K.  You do not submit the 1099-K to the IRS for 2011.   For example: if you sold items in ebay as a business, you would report it under business income, the same way it would have been done in 2010.
  • But wages and income section is for W2 forms which I did not have. I have an eBay business and payments go to PayPal. This is my first year in business and didn't enter business income last year. Since TurboTax does not let us use the 1099-K section I have no idea what section in the Turbo Tax Home & Business to enter this income.
It doesn't really matter. General income and 1099-MISC income get added together. Only the total actually goes on your return. So do it whichever way you are more comfortable with.
    Enter it under business income as if it were a 1099-MISC with the amount in box 7.
    • Are you sure? Because if i try and do that it asked me for a 1099-MISC which I do not have.

      Should it maybe go under General Income in the Business part
    Hi Bruce1111,

    For 2011, TurboTax will not provide a seperate line for amounts reported on your 1099-K because the IRS does not require you to report separately the amounts included on your 1099-K.

    However, you still need to report any taxable income that you recieved from your paypal business on your return. To do so, within TurboTax Home & Business, click on the "Business" tab. Select the Profit or Loss from Business topic (under the Business Income and Expenses section), then enter in the required business information, this is your business profile information. Then select the Business Income topic (under the Business Income section). Enter any taxable income reported to you on your 1099-K that comes from your business in the General Income topic.

    For more information you can visit the IRS website: http://www.irs.gov/businesses/article/0,,id=251489,00.html

    I hope this helps! Please let me know if you need more assistance.
    • When I type in the Payers tax ID which is from PayPal, it says its incorrect. On the 1099-MISC even though my form is 1099-K and it won't let me enter it in for 1099-K.
    • angeliquestars - Enter the amount as business income not reported on a 1099-MISC. There is no need to enter the payer information. A couple of screens after it asks if you got a 1099-MISC you will get to the screen for income not reported on a 1099-MISC.
    • the 1009k is also for credit card machines where do you enter the fees you pay for the machine
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