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March 2, 2025
Question

1099-K income entry for sole proprieter is not showing up as income in the 2024 summary

  • March 2, 2025
  • 1 reply
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My wife is a mental health counselor and uses Square for credit card co-pays. Square sent us a 1099-K. I entered this into TurboTax 1099-K section, but the amount is not showing up as income in the summary screen. Does this income needs to be entered somewhere else in TurboTax? Very confusing.

    1 reply

    March 2, 2025

    The counseling business income and expenses belong on a Schedule C. 

     

    1. Within your tax return, navigate to Federal > Wages & Income > Other Common Income > Form 1099-K
    2. Choose Add a 1099-K
    3. The next screen will ask "Which type of income your 1099-K is for?" choose Self-employment income
    4. Enter the information from your 1099-K
    5. Then, on the screen Your self-employment 1099-K income  select the Schedule C business you have already set up, or you can add a new business.