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March 16, 2021
Question

1099K

  • March 16, 2021
  • 1 reply
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if I have W2 and 1099K, how do i enter 1099K? because when i tried to update the Line 1099K, it says that TurboTax doesn't not create a separate line. " i have deluxe" does it mean i need a different software? 

1 reply

March 16, 2021

You might want to upgrade to Self-employment version of TurboTax. 1099-K show your gross income and doesn't reflect your expenses. To be able to deduct expenses to offset your income you'll need to report it as your business income. 

 

You can learn more how to report your 1099-K here:

 

Form 1099-K