Get ready all you Uber and Lyft drivers: Tax time is almost here. Both Lyft and Uber have released their 2016 tax info, including 1099s, to their drivers.
Here’s a quick and easy guide for finding your tax information, summaries, and 1099s.
Finding Your Lyft And Uber Tax Forms: Lyft
The first way of finding out your 2016 fare information is through Lyft’s driver portal.
Once you login to the Lyft driver portal, go to “Payouts” to see the following: Gross ride earnings (How much you made, including Lyft’s commission they deduct), Net ride earnings (Your actual taxable income from Lyft and the amount of money you took home last year), Driver mode miles (how many miles you logged as a driver last year), and Non-ride earnings (Such as passenger and driver referral commissions, power driver bonuses, and other payouts).
Tax-specific information can be found through the Tax Info tab on Lyft’s driver portal dashboard.
Lyft sends many drivers a 1099-K, which contains information on gross ride earnings (Again, how much you made driving before Lyft deducted commission). Information on how much money you actually took home can be found through Payouts > Net ride earnings. In order to receive a 1099-K, you need to have made at least $600 in gross ride receipts.
Drivers may receive a 1099-MISC form in addition, which is where your extra income from referral bonuses, mentoring, and other non-driving sources shows up. Receiving a 1099-MISC requires earning at least $600 from non-driving income.
If you earned less than $600 in either category, use the income information on Lyft’s driver portal to calculate your taxes. We recommend you speak with an accountant before doing your taxes and Almost Millions does not provide tax assistance or advice.
Finding Your Lyft And Uber Tax Forms: Uber
Uber has a Tax Information page on their Partners portal that contains nearly all the information you’ll need. While Uber sends their drivers a separate 1099, the tax information page should give much of the information you will need to file taxes.
Once you click on the Tax Information page, you will see links to forms which will include your yearly tax summary, your 1099-K, and 1099-MISC.
1099-Ks contain information on gross ride earnings (How much you made driving before Uber deducted commission), and 1099-MISC forms show extra income from referral bonuses and other sources.
Almost Millions does not provide tax assistance or advice, and we recommend you speak with an accountant before doing your taxes.
Finding Your Lyft And Uber Tax Forms: Other Resources
Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers (Intuit Turbotax)
Uber and Lyft Taxes 2016: 1099 Forms Are Now Available (Rideshare Dashboard)
2016 Rideshare Taxes For Uber & Lyft Drivers (The Rideshare Guy)
Checklist for Taxpayers in the Sharing Economy (E-file.com)