Get your taxes done using TurboTax

No, you still have to report the income. 

If this was business income then you would have to enter it under self-employment income on Schedule C:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “self-employed” 
3. Click on “Jump to self-employed”
4. Answer the questions until the "Let's enter the income" screen and select "Form 1099-K"

Please see What is the self-employment tax?, What self-employed expenses can I deduct? and What is Form 1099-K? for additional information.

If this was for the sale of a personal item then please see the instructions below.

For TurboTax Online:

1. Click "Wages & Income" (under Federal) on the left
2. Scroll down to "Other Common Income" and click "Show more"
3. Click "Start" next to "Form 1099-K"
4. On the "Choose which type of income your 1099-K is for" screen select "Personal Item"
5. On the "Your 1099-K Summary" screen, select Done.
6. On the "Wages & Income" screen
7. Scroll down to "Investments and Savings" and click "Show more"
8. Click "Start or Revisit" for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)".
9. Click "Review" on "Personal item sales (1099-K)"
10. Enter the information on the "Now, enter one sale…" screen

For TurboTax Desktop:

1. In the "Wages & Income" tab, select "Start" next to "Income from Form 1099-K (under 1099-MISC and Other Common Income)"
2. Choose "Personal Items" for the type of income
3. Click "Continue"
4. Enter the 1099-K information  and click Continue. 
5. On the  "1099-K summary" screen click "Add a 1099-K" if you have more to enter. Otherwise, click "Done".
6. Go to "Investment Income" and click next to "Stocks, Mutual Funds, Bonds, Other".
7. If you’ve already entered an investment account, it will appear. To change a previous item, click Edit. To add a new item, click "Add More Sales or Add an Account".
8. Click "No" to Did you get a 1099-B or brokerage statement for these sales.
9. Select either enter one sale at a time or enter a summary for each sales category.
10. Enter Description (e.g. personal items), Date sold, Date acquired (can enter “v” for “various”), Sale proceeds, Cost or other basis, Holding period
11. Click "Continue"
12. On the "Any of these less common items?" screen enter if applicable. Click "Done".
13. Select "No" for Was this a sale of employee stock? Click "Continue".
14. Select any less common adjustments that apply. Click the box next to “Any loss from this sale is not deductible…". Then select “This is personal use property”
15. Click "Continue".