Business & farm
@ssdc wrote:
There is actually very clear guidance about using Schedule 1 line 24z to report 1099-K information. Specifically, for personal items sold at a loss.
I echo everyone else that it is very frustrating TurboTax/Intuit did not make a plan for the 1099-K's that were getting issued this year. I hope they fix it for next year.
I agree; they are treating this scenario as the sale of some sort of asset in the program so that the transaction winds up on Form 8949 instead of being offset on Line 24z of Schedule 1. Note that entering a description and figure on Line 24z requires an override and the use of Forms Mode for this purpose.
The screenshots below are indicative of how the scenario is being handled in TurboTax.
