Should you make a 1099-K form for Whanot Streaming? Or a 1099-NEC?

For Whanot Streaming, you could receive either, whether you receive a 1099-K or 1099-NEC depending on the nature of your transactions:

Form 1099-K

You will receive this form if you made more than $5,000 through third-party payment services like PayPal, Venmo, or CashApp. This form tracks income from selling goods or providing services via payment apps and online marketplaces. If you are selling personal items, such as baseball cards, concert tickets, used electronics, cars, or clothes, you should report this income using Form 1099-K.

Form 1099-NEC

You will receive this form if you are paid nonemployee compensation for services rendered in the course of your business. This form is used to report payments of $600 or more to nonemployees. If you are paid directly for streaming services or content creation, you should report this income using Form 1099-NEC. See steps here to report on the 1099-NEC in TurboTax.

Entering a 1099-K Using TurboTax

Self-Employment Income

1. Open or continue your return.
2. Go to Schedule C or search for Schedule C in the magnifying glass at top right of the screen.
3. Answer the questions about your business and its expenses until you get to the Here’s your info screen.
   • If you’re returning to Schedule C, select Review or Edit next to your work and then answer the questions about your business.
4. Select Add income for this work.
5. On the Let's enter the income for your work screen, select Form 1099-K and Continue.
6. Enter your 1099-K info.

Personal Item Sales

1. Open or continue your return - be sure you are signed in for the link in Step 2 to work.
2. Go to 1099-K or search for 1099-K in the magnifying glass at top right and select the Jump to link.
3. Follow the onscreen instructions to enter your 1099-K.