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This article demonstrates how to add complete and link Form 1099-K. |
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About Form 1099-K
Third-party networks must issue Form 1099-K to taxpayers if they receive income over a specified amount for the tax year, this amount can be different from one tax year to another, see 1099-K Reporting Requirements.
Third-party networks include apps such as Venmo, Uber, Lyft, Cash App, PayPal, E-bay, etc.
Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services.
If amounts on Form 1099-K are incorrect the taxpayer should contact the issuer.
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Completing Form 1099-K
Select Add Form.
Locate and select highlight Form 1099-K in the All Forms & Schedules Menu. Double-click to add the form.
If a joint return, choose New Taxpayer's or New Spouse's Occurrence.
Complete the 1099-K, filling in all applicable sections.
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Linking Form 1099-
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K To SCH C
1099-K must be linked to the appropriate form either SCH C (profit or loss from a business), SCH E (supplemental income), or SCH F (profit or loss from farming). 1099-K's received for goods or services must be linked to SCH C.
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