From the Wages and Income section, go to Self-employed income and expenses and select Start/Revisit to begin with reporting Form 1099-K. Self-employed persons must use the rebates option under income or report any offsets as miscellaneous expense.įor reporting Form 1099-K from self-employment with offsetting amounts that is associated with a trade or business you own and operate, TurboTax offers two self-employed options. In the self-employed section, negative income cannot be reported. Otherwise, Form 1099-K must be included in the self-employed section of the return. In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.
For the cost description, include Form 1099-K and Cost of Personal Property.Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.For a description, include Form 1099-K and Personal Property Sales.
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It is essential that the full amount be entered. Enter the applicable description and amount and Continue.Choose the last option, Other reportable income and Start and Yes.Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start.Add more income by scrolling down to the last option, Less Common Income, and Show more.From the left menu, go to Federal and select the first tab, Wages & Income.Option 2 in TurboTax Deluxe or higher: reporting it via Other Miscellaneous Income is acceptable to the IRS.