Thanks. That's helpful and good to know.
A few comments/feedback about turbotax
- I entered all this info in turbotax including that we had a full 1099-K, but only 1/3 owner etc. Turbotax took the numbers and did a great job of all the calculations, but failed to prompt me to do the nominee action, or even inquire about it. Surprising since turbotax diligently prompts me and asks if I need to issue a 1099 on various other occasions.
- Turbo tax lists all my 1099's from various sources (eg consulting income, investment income, investment property income etc), but fails to list my 1099-K even though I told turbotax I had a 1099-K.
Turbotax didn't make this easy and didn't spell it out for the user like it typically does on most other items. Perhaps turbotax handles it this way because 1099-K's are IRS information returns.
