Support CenterHow do I enter a 1099-K for a return in SureFire?
🔍 How do I enter a 1099-K for a return in SureFire?
According to the IRS instructions, Form 1099-K is used to report Payment Card and Third Party Network Transactions. This guide explains where to enter your 1099-K income depending on the type of return you are filing.
⚠️ Before You Begin
You will need:
- Your Form 1099-K information (especially your gross 1099-K income)
- The type of return you are preparing (Individual 1040 or Business return such as 1065, 1120, or 1120S)
📊 Step-by-Step Guide
Step 1: Understand where the 1099-K income goes
You should report the income from the Form 1099-K along with any other sources of income on the appropriate income tax return.
Step 2: If you are filing an Individual 1040 return
Use this when you need to report 1099-K income on a Schedule C.
If you're self-employed or an independent contractor, you'll report your 1099-K income on Schedule C of Form 1040.
- To report your 1099-K income on this form, simply enter your gross 1099-K income on line 1 of Schedule C.
- Your 1099-K income can be entered directly on line 1 or a scratchpad can be used, by using the Go To Existing Link.
Step 3: If you are filing a Business return (1065, 1120, or 1120S)
Use this when you need to report 1099-K income on line 1a of your business form.
If you have a partnership, corporation, or an S corporation, you'll report your 1099-K income on line 1a of your form. Find your gross 1099-K income and list it on the correct line.
- The 1099-K can be entered directly Page 1, line 1a or entered into Trial Balance.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form