For those of us who receive a 2022 1099-K for selling personal items (such as on eBay), the IRS has specific instructions: https://www.irs.gov/businesses/understanding-your-form-1099-k
Specifically, this section:
If you receive a Form 1099-K for a personal item sold at a loss, report the information on Form 1040, Schedule 1, Additional Income and Adjustments to Income with offsetting transactions. For example, if you receive a Form 1099-K for selling your couch online for $700 you will report:
- Part I – Line 8z – Other Income – Form 1099-K Personal Item Sold at a Loss $700
- Part II – Line 24z – Other Adjustments - Form 1099-K Personal Item Sold at a Loss $700
The net effect of these two adjustments on adjusted gross income would be $0.
I have tried unsuccessfully for several hours in TT Deluxe to figure out how to get to Line 24z on Schedule 1. I've seen that the question has been asked in past years, and members have been told to use offsetting amounts for Other Income, which show up on Line 8z. But given the specific IRS guidelines, this no longer seems right.
Any ideas how/if we can access Line 24z?
