Vanessa A
Expert Alumni

Retirement tax questions

Is this a business or personal selling?

 

TicketMaster should not be reporting fees and other amounts that you never received.  You may need to use your records to properly report your income and expenses and contact Ticketmaster for a corrected 1099-K.  This would be the best way to handle this.  You should keep the 1099-K for your records along with your return and maybe a written record of you trying to contact them. 

 

The income reported on your 1099-K should be the fees you paid to Ticketmaster and the money you received.  It should not include fees that you were not charged for.  If the buyer fees go directly to them, this is not part of your income or expenses, so there is no way for you to account for it.  The sales tax is not part of your income either, so this again should not be part of what is reported on your 1099-K. 

 

The IRS states,

 "If you received a Form 1099-K by mistake or if the form you received has incorrect information, contact the issuer of the Form 1099-K immediately. The issuer’s name appears in the upper left corner on the form along with their phone number.

If you can’t get a corrected Form 1099-K, report as follows:

Same as personal assets sold at a loss except changing the description as follows:

  • Part I – Line 8z – Other Income – Form 1099-K Received in Error
  • Part II – Line 24z – Other Adjustments - Form 1099-K Received in Error"

 

You can walk through the same steps you are currently taking to enter this income and fees (not buyers fees and taxes), but then make an adjustment by selecting the following:

  • Income
  • Show More next to Other Common Income
  • Update or Revisit next to Income from Form 1099-K
  • Edit next to the 1099-K
  • Under Other select Other (can include any taxable income not reported or if the entire amount is not correct)
  • Click Box 1a is overstated.  Enter the amount that should not have been reported to you in this box.

This will remove the fees that are not relevant to you. 

 

 

 

 

 

 

 

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