Hello, thank you for the quick reply. The answer is no, the sales proceeds are 100% precisely entered - easy to reconcile against my Excel. And we are not talking about a few dollars difference. Again, the problem:
I have sold 44 items, let's say $100 proceeds each. $4,400 got reported as gross sales on the 1099K.
About half of them sold at a loss, let's say making up $2,300 of the gross proceeds.
Wages and income - personal sales items asks me for the total proceeds for items sold at a loss or no gain. I truthfully enter $2,300.
In the smart check, under Form 1099-B, Form 1099-K reconciliation, it then states: "payment amount from linked Form 1099-K: $2,100"... and then throws me a smart check error, because according to the IRS form, the amount at that point must match the TOTAL amount of proceeds (matching the 1099K in TOTAL)..
Since I cannot imagine the IRS not having thought this through, I am sorry, but it sounds like turbotax may not add up ALL gross proceeds - ie for BOTH items sold at a LOSS plus items sold with a GAIN, but only includes the items sold at a gain. That is CORRECT for the gain calculation, but INCORRECT for the gross proceeds reconciliation.
Please advise.
