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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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‎February 27, 2025
4:08 PM
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