I want to amend to add form 1099-K that I received after I filled my tax. Do I have to upgrade from Premier to self-employed? Please advise.

[ah62]

I already filed my 2018 taxes and it was accepted. However, after I filed my returned, I received form 1099-K from PayPal for items I sold online and form 1099-K was not included in my initial tax return. So, I need to amend my return.

I have two questions:

1) To amend my return, do I have to upgrade to Turbotax self-employed to enter my business expenses? Or I can add the expenses through the Premier level? If I have to upgrade, will I just pay the balance cost from Premier to self-employed which is I believe will be $40.00 or I will be charges another $119.99 for self-employed?

2) I live in MA, and I want to amend my state tax based on the new state regulations to file Form 1099-K. Do I have to amend my federal tax too although the amount shown in my 1099-K didn't reach the maximum threshold of $20,000 and 200 transactions combined? In other words, I believe I should only amend my state tax and I don't have to amend my federal tax. Am I correct?

Thanks in advance for your help.

[LisaS · Accepted solution]

Yes, in order to add the business income (1099K) to the return you will need to upgrade to Self-Employed but you will only be charged the difference (you are upgrading, not buying new).

If the 1099K has been sent to the IRS (and it probably has) they will look for that income on your return so you will need to file an amendment for the federal return also.