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.
  
  

Completing Form 1099-K

1. Select Add Form.
   
   

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2. Locate and highlight Form 1099-K in the All Forms & Schedules Menu. Double-click to add.
   
   

    

3. If a joint return, choose New Taxpayer's or New Spouse's Occurrence.
   
   

    

4. Complete the 1099-K, filling in all applicable sections.
   
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Linking Form 1099-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. 

1. Begin by adding the appropriate schedule to the tax return (SCH C, E, or F).
   
   

2. Navigate to the 1099-K. Select the Link to (1040, SCH C, E, or F) box in box 1a of Form 1099-K.
   
   

    

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3. Select Choices.
   
   

4. Select the SCH you wish to link to and double-click to link.