Retirement tax questions

You do not need to enter a purchase date, or 43 sales if you are following Tax Expert @JamesG1’s instructions. TurboTax will only ask you to enter your Form 1099-K and the total proceeds for items sold at a loss or no gain.

If All items were sold at a loss or had no gain, you don’t have to enter any cost. TurboTax will zero out your Form 1009-K.

To report Personal item sales in TurboTax Online, follow these directions.

 

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click Show more to the right of Other Common Income.
• Under Your income and expenses, click the Edit/Add button to the right of Form 1099-K.
• At the screen Did you get a 1099-K? click Yes.
• At the screen How would you like to enter your 1099-K? click Type it in myself.  Click Continue.
• At the screen Choose which type of income your 1099-K is for, select the button for Personal item sales.  Click Continue.
• At the screen Let’s get the info from your 1099-K, enter the information.      Click Continue.
• At the screen Personal Item Sales, you are told that further information will need to be entered.  Learn More provides detailed information for the next steps.  Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Sale of Personal Items’.  Click Done.
• Under Your income and expenses, click the Edit/Add button to the right of Investments and Savings (1099-B, 1099-K….)
• At this screen, you will be asked to Review the Personal item sales (1099-K).
• At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.

@grr8scot