Question

1099-K

Forum|Forum|5 years ago
February 5, 2021
1 reply
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I received a 1099-K it wants me to enter it under business but it is not a business what do I need to do . The reason for home and Biz is my son has his own business

TurboTax Home & Biz Windows

H

HelenC12

If your son has a business, check the 1099-K recipient's social security number. Perhaps the form is his. Form 1099-K.

You may be considered self-employed by the IRS and not realize it. To see if you're self-employed, click here.

The IRS Form 1099-K tracks income received through third-party payment methods, like credit credits, PayPal, and other payment services.
If you received personal monies (not self-employed) and then were issued a form 1099-K, any discrepancies between the income reported on your 1099-Ks and the income you report to the IRS may send up red flags, potentially triggering an audit.
For additional information, see Form 1099-K Decoded for the Self-Employed..

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