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How do I enter my Lyft tax information?

by TurboTax•76• Updated 1 month ago

Most Lyft customers can import their information from Lyft. Use these instructions if you prefer to enter them yourself.

Most of what you need is provided in your Lyft account on your Lyft Tax Information page. You can also sign in to your account, look under the Driver heading, and select Tax Information. It’s okay if your Tax Info doesn’t include everything listed—not all drivers have the same forms and expenses.

If you're an Accelerate driver, always access TurboTax from your Lyft Driver Dashboard to get your Lyft discount. You can access TurboTax by selecting Tax Information or Accelerate Rewards pages in your driver dashboard.

To enter your income:

  1. Open or continue your return.
  2. Go to Schedule C.
  3. Answer Yes to Did you have any self-employment income or expenses? and answer the questions on the following screens regarding your work with Lyft.
    • If you land on Your 2024 self-employment work summary, select Add another line of work.
  4. When asked to enter your income, follow these steps:
    • 1099-NEC – If you have a 1099-NEC from Lyft, select and enter the info from your form.
    • Other self-employed 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/third party network transactions.
      • If you don’t have a 1099-K or 1099-NEC and need to report taxable earned income, enter your Gross Earnings amount from your Lyft Tax Summary.

Next you’ll enter the type and amount of your Lyft expenses.

  1. When asked if you have expenses, answer Yes.
  2. Answer the questions regarding your Lyft work.
  3. Vehicle and Other miscellaneous expenses should be selected as your type of expenses. If you have Express Drive Rental fees you’ll also select Car and equipment rental.
  4. When entering your Vehicle expenses:
    • Complete the information on your vehicle.
    • When asked for the miles you drove for Lyft, enter the Online Miles from your Lyft Tax Summary.
      • Note: Online Miles may only be deductible to the extent that they represent business use.
    • If you have Express Drive Rental fees, enter "adjusted" Online Miles.
    • Enter the total miles you drove your vehicle this year.
    • When asked about Toll fees for work, enter the Tolls amount from your Lyft Tax Summary.
  5. When entering your Other miscellaneous expenses:
    • Enter Lyft Platform Fee as the description and then the amount from your Lyft Tax Summary.
    • Enter Service Fee as the description and then the amount from your Lyft Tax Summary.
    • Enter 3rd Party Fee as the description and then the amount from your Lyft Tax Summary.
    • Enter Express Pay Fees as the description and then the amount from your Lyft Tax Summary.

You might also have non-driving expenses while working for Lyft. To enter these self-employment expenses:

  1. On the Income & Expenses summary page for your Lyft driving info, select Add expenses for this work.
  2. On the What kind of expenses did you have for Rideshare driving? page, select the appropriate non-driving category like Communications or Supplies and enter your expenses.