Hi @RobertB4444. I recall trying that last week when doing my taxes and I further recall it having the same result which does not comply with IRS direction...both the income (a positive number) and the offsetting adjustment (a negative number) appear on Line 8z, netting out to zero. And no entry on Line 24z as specified in the IRS directions.
Regardless, I made a copy of my TT file (I completed my taxes last week) and tested your suggestion. Assuming I interpreted your suggestion correctly and also implemented it correctly, the result matched what I recalled when I attempted it last week...the offsetting negative entry appears on Line 8z (as does the positive income amount), netting out to zero...which does not comply with the IRS direction that the adjustment be placed on line 24z.
What do you see on Lines 8z and 24z when you implement your suggestion?
Admittedly, your approach results in the desired $0.00 on 1040 Line 10 and accurate tax calculations downstream on the 1040 but it is not compliant with IRS direction...and the last thing I want is the hassle of explaining to the IRS, when their processing can't find my 1099K amount anywhere in my taxes, that I sent in a return that I knew was non-compliant, even though my income and taxes were correctly calculated but TT made me do it that way...and have my refund delayed.
FWIW, I worked around the TT bug by entering my 1099K data in the 1099K step-by-step and selected "I sold some items at a loss or no gain" and specified $0.00 as proceeds. That resulted in TT creating an Investment Income line item that I found under the step-by-step for Investment Income/Stocks, Mutual Funds, Bonds, Other. Editing that line item, I hand-jammed the 15 sales transactions comprising my 1099K into the step-by-step to populate the Capital Assets Sales Worksheet/Capital Gain (Loss) Adjustments Worksheets so that I would be compliant with IRS direction (as I noted above, opting for the compliant method of reporting the 1099K info on Form 8949 and Schedule D.)
@ThomasM125
