Question

I used quickbooks to track finances for 2020. Do I need to attach a 1099-K form with my return if the income was already accounted for and sent over via quickbooks?

Forum|Forum|5 years ago
February 15, 2021
1 reply
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I run a small business selling online via multiple marketplaces and platforms. I used Quickbooks self-employed to track my finances (earnings, expenses, deductions) and sent that info over to TurboTax when starting my return. I was sent 3 1099-K forms by those marketplaces because I reached their thresholds. All of these earnings were accounted for already in the info quickbooks sent over to turbotax . Do I still need to upload these 1099-K forms to turbotax, or am I okay to file my taxes with all of the earnings lumped together?

TurboTax Live Self Employed

KathrynG3

It is your choice. The IRS will try to match the Forms 1099-K as issued. If all the income was pulled in from QuickBooks, presumably it is categorized as common income, and would be in the Other self-employed income, includes 1099-K, cash, and checks section.

If you chose to adjust it, reduce the amount pulled in from QuickBooks Self-Employed for the amounts of each Form 1099-K listed separately. To do this in TurboTax, follow these steps:

With the Other self-employed income, includes 1099-K, cash, and checks section selected, click Continue.
At Tell us about the other self-employed income for your work, click +Add another row.
For Type of Income, include Form 1099-K and its source.
Enter the amount.
Be sure to reduce the original income listed from the gross revenue uploaded from QuickBooks Self-Employed.
When finished with the reporting and adjustments, select Continue to proceed through the rest of the interview.