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Entering Form 1099-K transactions on Lacerte

by Intuit• Updated 11 months ago

For tax year 2023 returns: The IRS has implemented a new transition rule that delays reporting threshold changes. Your client may still receive 1099-Ks for transactions under the new, lower thresholds but they may not need to be separately stated in the tax return. Click here for more info.

Reporting Form 1099-K transactions separately isn't required, but the client may receive an IRS notice if the gross receipts don't reflect amounts from the 1099-K.

To avoid this, be sure to include amounts from Form 1099-K when calculating gross receipts or sales. Select your module below for instructions on reporting these amounts.

To enter Form 1099-K in a 1040:

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

If your client received a 1099-K for nontaxable amounts:

Go to Screen 14.1, SS Benefits, Alimony, Miscellaneous Inc.
Scroll down to the Form 1099-K (Reporting of Nontaxable Amounts) section.
Enter the amount in the applicable field.

For more information, see here for the IRS's general FAQ on payment card and third-party network transactions.

Entering Form 1099-K in the Corporate module:

Go to Screen 13, Income.
Under Gross Income enter the amount in Gross receipts or sales as reported on the Form 1099-K.

Entering Form 1099-K in the Partnership module:

Go to Screen 10, Income.
Under Gross Income enter the amount in Gross receipts or sales as reported on the Form 1099-K.

Entering Form 1099-K in the S Corporate module:

Go to Screen 13, Income.
Under Gross Income enter the amount in Gross receipts or sales as reported on the Form 1099-K.

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