Get your taxes done using TurboTax
I presume that you are entering the Schedule D/Form 8949 information through the IRS form 1099-K process within the software. Then when the numbers are reported (and reported correctly), the software sees a conflict and generates an error message. Hopefully, I am understanding correctly?
I would post the Schedule D/Form 8949 entries directly to the software and bypass the IRS form 1099-K process within the software. IRS form 1099-K is not a form 'required' to be reported like a W-2. Its purpose to to aid in the reporting of taxable income and that is what we will be doing.
IRS form 1099-K may be removed by selecting the trashcan to the right of the entry at the screen Your 1099-K summary.
After removing, select Federal Review to make sure that there are no errors remaining before you proceed.
Then enter the Schedule D/Form 8949 information as described below. The entries will be recorded as a Personal item so a gain on the sale of a Personal item is reported. A loss on the sale of a Personal item is not deductible.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Scroll down to Investments and Savings and click on the dropdown menu.
- Click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- At the screen Let's finish pulling in your investment income click Add investments.
- At the screen Let's import your tax info click Enter a different way.
- At the screen OK, let's start with one investment type, select Other. Click Continue.
- At the screen Tell us more about this sale, enter 'Ticketmaster - 1099-K' or some similar descriptive. Click Continue.
- At the screen Now enter one sale, enter the first Ticketmaster transaction with the correct buy and sell information. Select Personal items as the type of investment. Click Continue.
- At the screen Review your sales, select Add another sale to enter the second Ticketmaster transaction.
Now you have reported the substance of the IRS form 1099-K even though you have not followed the exact process within the tax software. In addition, make sure that your personal tax records can show the difference between what the 1099-K reported and the numbers that were reported on the Federal 1040 tax return should the IRS have a question at a later time.
