DawnC
Expert Alumni

Get your taxes done using TurboTax

If all of the income on the 1099-K was from losses on personal sale items, you should not need the 8949.   If you choose Personal Item Sales as the reason for the 1099-K and enter the same amount in both boxes (1a and Amount that shouldn't be included), no further reporting is necessary.   The amount goes to the information box on Schedule 1, but is not included as an income or loss amount on your actual tax return.   If there is no other data on Schedule 1, it won't be a part of your electronic filing, however, the reporting of the 1099-K is part of your tax file.   

 

Keep detailed records in case of an inquiry by saving a full copy of your tax return that includes all worksheets.   The erroneous amounts are reported on the Other Income Statement and 1099-K Summary page as well as the 1099-K worksheet.  

 

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