In TurboTax Premier Online, access the IRS form 1099-B by following these steps:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click the down arrow to the right of Investments and Savings.
- Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
The posting of IRS form 1099-K for personal item sales is a two-step process.
- First, you post the IRS form 1099-K amount of box 1a.
- Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.
Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.
If you report I sold some items at a loss or no gain at the screen Personal Item Sales, then the computation becomes:
The amount reported on the IRS form 1099-K box 1a less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales equals the Proceeds reported for the multiple entries of IRS form 1099-B.
If you are reporting dollars and cents down to the last penny, first round all entries to the nearest dollar. Then make sure that the numbers balance before you start entering information into the software.
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