This article demonstrates how to add and link Form 1099-K.
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.
Entering Form 1099-K
Select Add Form.
Locate and select Form 1099-K. 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.
Desktop/Hosted
CrossLink Online
Linking Form 1099-NEC 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.
Begin by adding the appropriate schedule to the tax return (SCH C, E, or F).
Navigate to the 1099-K. Select the Link to (1040, SCH C, E, or F) box in box 1a of Form 1099-K.
Desktop/Hosted
CrossLink Online
Select Choices.
Select the SCH you wish to link to and double-click to link.
You can view linked in income on SCH C Line 1, SCH E Line 3, SCH F Line 8 or 43, or SCH 1 Line 8z.
Related Articles