Hello,
I'm at a bit of a loss right now with the 1099-K I've received from PayPal -- I fully understand 1099K reporting based on my experience with eBay personal sales, where my entries match perfectly, and account for item costs.
That said, my PayPal 1099-K has a mixture of:
- Items sold for a short term gain (personal sales)
- Items sold at a loss (yes, I know I cannot report them as a loss as they are personal sales)
- Payments for Class Action Settlements via PayPal
- Single payment from FanDuel (Online gambling)
I've entered all of my entries for items sold, but cannot for the life of me figure out how to enter separate amounts for the class action suits/Fan Duel payment (based on items #3/#4 on the list). Sadly, items 3/4 are preventing me from submitting my return, and only account for 10% of the overall 1099K. Based on my reading all of the 3/4 items are taxable.
Turbotax Deluxe 2022 is kicking out an error:
Amount from Form 1099-K has an amount from linked Form(s) 1099-K, but the sales proceeds on this worksheet don't match the payment amount from Form 1099-K. Add sale(s) on this worksheet with sale proceeds to match the amount reported on Form 1099-K.
It seems like I could enter them as short term gain sales in the worksheet, which I believe would be at the same tax rate, but would rather do this right to have them not reflected as sales.
Without reconciling the difference, I can't get passed the 'Check this Entry' error pasted above. How do I fix this?
Thanks!
