JamesG1
Expert Alumni

Retirement tax questions

Turbotax says I don't need to report this income. 

 

Are you referring to reporting the IRS form 1099-K income under This amount in box 1a is too high or includes some personal transactions?  Or something else?

 

If you reported the total amount of the IRS form 1099-K under This amount in box 1a is too high or includes some personal transactions?, all of the IRS form 1099-K income would be reported on Schedule 1 as the amount reported to you....that was included in error or form personal items sold at a loss.

 

 

If this is the case, make sure that you retain records of these transactions should a tax authority have a question at a later time about either your personal income tax return or the not-for-profit entity.

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