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Does 1099-K include the amount of money paid by checks and deposited on business account or I need to report such income as an additional income?

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June 5, 2019
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Does 1099-K include the amount of money paid by checks to my business account or I need to report such income manually as an additional income?

TurboTax Deluxe Windows

Best answer by JulieCo

The 1099 K will only include transactions done through a payment settlement entity for processing credit cards or third party transactions, therefore, yes, you will need to also add an entry for income that you received via cash and checks when entering your self-employment income. See the steps and sample screenshot below:

If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency

Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your line of work) screen where you can enter this income as Other self-employed Income.

J

JulieCoAnswer

Employee

The 1099 K will only include transactions done through a payment settlement entity for processing credit cards or third party transactions, therefore, yes, you will need to also add an entry for income that you received via cash and checks when entering your self-employment income. See the steps and sample screenshot below:

If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency

Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your line of work) screen where you can enter this income as Other self-employed Income.