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Deductions & credits
Yes, here are some ideas. First, I recommend rounding the $1,017.14 to $1,017.00 so as to avoid errors in the software solely as a result of the $.14 difference.
Second, follow this example. If the IRS form 1099-K reported $1,517 in box 1a,
- You would report the full $1,517 at the screen Let's get the info from your 1099-K.
- Click Continue.
- At the screen Personal Item Sales, you would report $500 at I sold some items at a gain. The $500 should be reported at the top of Schedule 1 Additional Income and Adjustments to Income.
Now you move on to the IRS form 1099-B transaction.
- The $1,017 that is left is what is reported as Proceeds at the screen Review this sale.
- Cost basis is reported under Total amount paid, reported the taxable gain.
To report any number other than the $1,017 under Proceeds at the screen Review this sale will result in the error message that you describe.
In your question, you refer to the $1,017 as the gain on the personal items, so I suspect that the amount reported in box 1a of the IRS form 1099-K is a higher number.
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‎February 16, 2025
7:45 AM