ToddL99
Expert Alumni

Deductions & credits

Enter the 1099-K under "Other Reportable Income", and then enter the "cost" of the items sold under "Other Reportable Income" - as a negative number. 

  

To report the income:   

  • Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)  

  • Click on "jump to other reportable income  (or "other reportable income" in the Search Topic results)  

  • 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 (1099-K Personal Sales) and the amount reported,  then click on Continue  

The amount will be reported on line 8 of Schedule 1 (Form 1040).  

  

To enter the adjustment:    

  • Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)  

  • Click on "jump to other reportable income  (or "other reportable income" in the Search Topic results)  

  • 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 (Cost of 1099-K Personal Sales) and the amount as a negative number,  then click on Continue  

A corresponding negative amount will be entered, and line 8 of Schedule 1,  will be zero.