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What is a 1099-K?

https://turbotax.intuit.com If you've been selling products or services online, whether it's through e-commerce, rideshare driving, freelancing, or a side hustle, you're likely considered self-employed. In this video, we break down the intricacies of the 1099 tax forms you might receive, particularly the 1099-K, which reports online transactions with the platform you use. There's also the possibility of a 1099 miscellaneous for one-off transactions or promos. This video addresses why it's crucial not to be overwhelmed by the gross total reported on your 1099-K. Understanding how your business expenses offset your gross profit is key to managing your tax liability. Whether you're using an online marketplace or PayPal to collect payments, this video provides valuable insights into navigating the tax implications of your online sales. Stay informed and make tax season a breeze for your online business! TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: https://blog.turbotax.intuit.com TurboTax X:   / turbotax   TurboTax Facebook:   / turbotax   TurboTax Instagram:   / turbotax   TurboTax Tik Tok:   / turbotax   TurboTax Pinterest:   / turbotax   TurboTax Tumblr:   / turbotax   ~~~ Video Transcript ~ "What is a 1099-K?": If you've been selling things online, you're considered self-employed. You might not have known that. But that also applies to folks who are driving for rideshare companies or have a side hustle or freelance. You can expect that whoever you've been selling or using to sell whatever online marketplace, they're going to give you some type of 1099 form, more than likely a 1099-K because it's going to report online transactions that you had with them. It's possible you got another 1099. That's like a 1099 miscellaneous. So maybe you did a promo or a one off giveaway from them and they're going to use that 1099 to report those earnings. But then the regular transactions you have with your customers, you'll likely get a 1099-K through that online platform as well. Or maybe use PayPal to collect it from your site. You're going to get a 1099-K, and that's just a fancy way of saying it's going to give a gross total of how much you received from your customers on their platform. When you're running a business and selling online, you want to think about what you spent to go into it. So don't get overwhelmed maybe with the amount that's reported on the 1099-K because all of your expenses and things you use to run your business that are normal to them, they're going to offset some of that gross profit that you made. ~~~