I received a 1099-K for personal payments from my parents for living expenses. How do I report this on turbo tax?

Whether you are using TurboTax online or TurboTax CD/download, entering your 1099-K with a corresponding offsetting amount is essentially the same.  The 1099-K amount will appear on Schedule 1 to Form 1040, and the same amount expressed as a negative number will also appear on Schedule 1, line 24z.   

If you are using TurboTax online, follow these steps: 

1. Log into your account and from the left menu, select Federal, and then Wages & Income. 
2. From the Your income and expenses screen, scroll down to Other Common Income. 
3. Click on the Show more drop-down arrow if necessary to reveal more options. 
4. Click on Start across from Form 1099-K 
5. Enter your information.  You may want to select Other when entering the type of income your 1099-K is for. 
6. The above steps will create an entry on Schedule 1 reflecting the income on your 1099-K.

To enter the corresponding offsetting amount, follow these steps: 

1. From the screen Your income and expenses, scroll down to Less Common Income. 
2. Click on Show more if necessary. 
3. Click Start across from Miscellaneous Income, 1099-A, 1099-C. 
4. On the screen Let's Work on Any Miscellaneous Income, select Other reportable income. 
5. On the screen Any Other Taxable Income? select Yes. 
6. On the screen Other Taxable Income enter your 1099-K amount as a negative number. 
7. Click Continue, then click Done.   

To view Schedule 1 in TurboTax online, follow these steps:

1. Open or continue your return. 
2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner). 
3. With the Tax Tools menu open; 
4. Select Tools. 
5. Next, select View Tax Summary in the pop-up. 
6. Then Preview my 1040 in the left menu. 
7. To get back to the step-by-step instructions, click Back in the left margin. 

Did You Get a Form 1099-K and Aren’t Self-Employed or a Small Business?