How do I enter my Lyft tax information?
Most of what you need is provided in your Lyft account. Follow this link to your Lyft Tax Information (or sign in to your account, look under the “Driver” heading and select “Tax Info”). You’ll use the following to enter your Lyft income and expenses in TurboTax. It’s ok if your Tax Info doesn’t include everything listed—not all drivers have the same forms and expenses.
- 1099-MISC and/or 1099-K: Download any copies of these forms listed under “Tax documents”.
- If you don’t have a 1099-K, use the Gross ride earnings amount under “2016 Earnings”.
- If you don’t have a 1099-MISC, use the Non-ride earnings amount under “2016 Earnings”.
- Driver Mode Miles: Found under “2016 Stats”.
- Lyft commission: Found under “2016 Earnings” by expanding “Gross ride earnings”.
- Tolls paid: Found under “2016 Earnings” by expanding “Gross ride earnings”.
- Express Pay fees: Found under “2016 Earnings” by expanding “Total fees”.
- Rental fees: Found under “2016 Earnings” by expanding “Total fees”, and only listed if you rented a vehicle through the Lyft Express Drive program. If you have Rental fees, follow this link for Rental fee Instructions.
How to enter your income from your Lyft Tax Summary:
To get started go to TurboTax Self-Employed and select Start for Free in the middle of the page. Follow the steps below to enter your income:
- After you sign in to your TurboTax account, select the orange button Take me to my return.
- Type “schedule c” in the Search box.
- Select the “Jump to” link to go to the self-employment screen.
- Answer the questions regarding your work with Lyft.
- When asked to enter your income, follow these steps:
- 1099-MISC – If you have a 1099-MISC from Lyft, select and enter the info from your form.
- Additional income – Select and enter the combined total of the following:
- If you have a 1099-K from Lyft, the amount in Box 1, Gross amount of payment
- If you don’t have a 1099-K, your Gross ride earnings amount from “2016 Earnings”.
- If you don’t have a 1099-MISC, your Non-ride earnings amount from “2016 Earnings”.
How to enter your expenses from your Lyft Tax Summary:
Next you’ll enter the type and amount of your Lyft expenses by following these steps:
- When asked if you have expenses, answer Yes.
- Answer the questions regarding your Lyft work.
- Vehicle and Other miscellaneous expenses should be selected as the type of expenses you have. If you have “Rental fees” you’ll also select Equipment rental.
- When entering your Vehicle expenses:
- Complete the information on your vehicle.
- When asked for the miles you drove for Lyft, enter Driver Mode Miles from your Lyft Tax Info. (If you have Rental fees, enter “adjusted” Driver Mode Miles (see Rental fee instructions).
- Enter the total miles you drove your vehicle in 2016.
- When asked about Work-related tolls, enter the Tolls paid amount from your Lyft Tax Info.
- When entering your Other Miscellaneous expenses:
- Enter "Lyft Commission" in the Description Box and then the amount from your Lyft Tax Info.
- Enter "Express Pay Fees" in the Description Box and then the amount from your Lyft Tax Info.
- When entering your Equipment rental expenses (only if you have “Rental fees” listed):
- Follow the Rental fee instructions to adjust your “Rental fees” and gas expense amounts.
- Enter "Lyft Express Drive Rental" in the Description Box and then the combined amount of your “adjusted” Rental fees and “adjusted” gas expense.
What about your non-driving business expenses?
You might also have non-driving expenses while working for Lyft. To enter these self-employment expenses:
- In the instructions above, where you selected Vehicle and Other miscellaneous expenses, instead select the appropriate non-driving category like Home office, Supplies, Adertising, etc. and enter your expenses.