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On form 1099-k (payer's reported income) if I follow the instructions for the Cost of Goods Sold (add new 1099k form add desc a negative # COGS form review rtns REVIEW
SEE instructions below - with a negitive number the form validation says to REVIEW that section??
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Scroll down the Wages and Income page and select Less Common Income
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other reportable income and select Start
Choose Yes on the Any Other Taxable Income? screen
In the Description field, enter Form 1099-K Costs of Goods Sold
In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done
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Scroll down the Wages and Income page and select Less Common Income
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other reportable income and select Start
Choose Yes on the Any Other Taxable Income? screen
In the Description field, enter Form 1099-K Costs of Goods Sold
In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done
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‎April 16, 2023
12:11 PM