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lombeezy
lombeezy
Level 2
February 12, 2025
Question

1099-K Reconciliation Error/Review

  • February 12, 2025
  • 1 reply
  • 1 view

Hey everyone I'm still stuck at this "review"

I entered all my previous sales and still receive this error on the 1099-B worksheet that the number is not matching.

-I rounded down my 1099-K 1a down to the nearest dollar ($11,001)

-I rounded also the "Personal Item Sales" - "I Sold some items at a loss or had no gain." ($796.00)

 

The number at the 1099-K Reconciliation box matches my total proceeds minus my loss $10,205.00.

So my question is why am I still getting this review?

 

    1 reply

    KrisD15
    KrisD15
    Level 15
    February 12, 2025

    Proceeds need to match proceeds. 

    You need to make that number match total proceeds only. The loss was already subtracted when you entered 796 on the first screen. 

     

    On the snip below, you should show a total of 10,205 in Proceeds (in the blue box)  if your 1099-K was 11,001 and 796 doesn't count. 

    Proceeds are NOT the same as profit. 

    You sold for 10,205, but what did they cost you to purchase before you sold them? 

     

    In the example below, we needed to account for 1,098 proceeds. 

     

     

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    lombeezy
    lombeezyAuthor
    Level 2
    February 12, 2025

    Ok so this number 10,875.06 is suppose to match the 10,205.00?

     

    J
    JamesG1
    Level 15
    February 12, 2025

    Correct, the proceeds are to equal $10,205.  You will enter purchase date, sales date and original cost, all the elements that the IRS form 1099-B needs to report.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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