Completely agree on using 24z, unfortunately Intuit locked that input completely and prefers to have an input in 1099K Reconciliation section line 2 of the Worksheet. As many of you who transact their personal items via facebook or ebay, you need to report 1099k as "other income" and adjust for the same as your cost of property sold is likely much higher. So unless you are in a business of selling goods on Ebay, personal household items sold has never been a taxable event. I struggle myself with how to enter the gross 1099-K amount and then take a negative adjustment - well apparently Turbo Tax Deluxe line 24Z has been off-limits because some one at Intuit decided it's not needed. Well, the only adjustment you can make from 1099K amounts flowing to your 1040 page 1 is to enter the identical information on the worksheet -1099K's. The problem with this method is that this worksheet and any supporting statement will not print or e-file with your return. So how do you think IRS is going to respond when they try and match your return to 1099K - you are getting a notice, be ready to answer such notice after receiving telling them Intuit did not allow me to enter into line 24Z so that the Service actually sees gross amount of "other income" matching 1099k and then seeing an adjustment for the same amount on 24z. Folks... we need to escalate this to Turbotax... they need to make the software work ...!
Interesting tid bit - entering in guided mode, going to 1099-K under Wages and Income, Intuit states that we don't need to report 1099-K at all..
Help file.. Form 1099-K
Form 1099-K is used by the IRS to track payments that you received from credit cards, debit cards, or electronic payment services (Square, PayPal, ePay, etc.).
For 2021 the IRS does not require you to report these payments separately. TurboTax will not give you a separate field for the amounts reported on your 1099-K(s), so be sure that you visit the other income topics to report any income that you received via credit cards, debit cards, or electronic payments in 2021.
