How do I enter Form 1099-K amounts into a tax return?


Solution Description

Per the General FAQs on Payment Card and Third Party Network Transactions.

"I received Form 1099-K. How do I report it on my tax return?

Separate reporting of these transactions is not required. However, you should follow the return instructions on the form you are completing to report your gross receipts or sales. You should report items that qualify as a trade or business expense on the appropriate line item of Schedules C, E, and F.."

To enter amounts from Form 1099-K within Lacerte:

Corporate Module-

  1. Go to Screen 13, Income
  2. Enter amounts from 1099-K in, Gross receipts or sales (code 1).

Partnership Module-

  1. Go to Screen 10, Income
  2. Enter amounts from 1099-K in Gross receipts or sales (code 101).

See Also:  Entering Backup Withholding in the Partnership Module

S Corporate Module-

  1. Go to Screen 13, Income
  2. Enter amounts from 1099-K in Gross receipts or sales (code 1).

See Also:  Entering Backup Withholding for an S-Corporation Return

Individual Module-

  1. Go to Screen 16, Business Income (Schedule C), Screen 18, Rental and Royalty Income (Schedule E) or Screen 19, Farm Income (Schedule F / Form 4835).
  2. Scroll down to applicable income section for Schedule C, Schedule E, or Schedule F.
  3. Enter amounts from 1099-K in the applicable income section.

 

For more information regarding this requirement refer to the following links: