Question

1099-K

Forum|Forum|4 years ago
February 2, 2022
1 reply
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How do you deduct credit card processing fees from 1099-K issued from Intuit with them added in as gross income (receipts plus credit card processing fees)? Do you put in the adjustment (amount of processing fees) under the 1099-K gross amount in a separate line with a minus in front of the total of the credit card processing fees?

DawnC

You can subtract the fees from box 1a and enter the net amount from the 1099-K on one line in the income section. Or you can enter the full gross amount and then enter the fees as a business expense. It will work out the same either way.

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