- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Break down the 1099-K amount into two parts - one for the items sold for profit and the other as incidental personal sales - then, report them separately.
Items sold for profit are reported as "General Income" or "Other self-employed income" in the Business Income and Expenses section of TurboTax Self-Employed (or desktop Home & Business). See the screenshot below for aid in navigating. You can enter the cost of these items as an expense in the "Other miscellaneous expenses" interview under Common Expenses.
"Yard sale" items are reported as "Other Reportable income" . You can also make a "negative" entry to show the cost of these items (equal to the proceeds).
To report the income:
If the 1099-MISC reports investment income that is not related to your main job or self-employment, enter the information as follows in the 1099-MISC interview:
- Click on "jump to other reportable income (or "other reportable income" in the Search Topic results)
- Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)
- Answer "No" to "Did you receive any other wages?"
- Select "Other reportable income" from the Miscellaneous income list
- Select Add another Income item on the Other Miscellaneous Income Summary screen
- Enter a Description and an amount, then click on Continue
The amount will be reported on line 8 of Schedule 1 (Form 1040).
To enter the adjustment:
Click on "jump to other reportable income (or "other reportable income" in the Search Topic results)
Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)
Answer "No" to "Did you receive any other wages?"
Select "Other reportable income" from the Miscellaneous income list
Select Add another Income item on the Other Miscellaneous Income Summary screen
Enter a Description and an amount (negative), then click on Continue
A corresponding negative amount will be entered, and line 8 of Schedule 1, will be zero.