Regarding the 1099-K reconciliation worksheet, the system is saying "Incorrect amount plus personal property loss sale amount should not exceed the amount in box 1." However, I have ZERO as the incorrect amount and EXACTLY THE AMOUNT of box 1 as the amount sold at a loss - not sure how that could add up to more than the amount in box 1. I have tried deleting and re-adding the 1099-K, and I tried processing with a zero and with a blank for the incorrect amount. The only thing I can think is that there's some glitch here, maybe with rounding. The amount is box 1 includes cents, and the gross amount carried forward into the reconciliation area is rounded (up). Any suggestions?!
I would certainly use rounded numbers on both the IRS form 1099-K entry as well as the entries to IRS form 8949 / Schedule D Capital Gains and Losses.
The detail on Schedule D must equal the total of the IRS form 1099-K's that have been entered.
The total of the proceeds column (d) must equal the total of the IRS form 1099-K or the software will give you an out of balance error message.
You may elect to delete the entries and start over.
You are able to remove the 1099-K(s) by following these steps:
Remove the worksheets here by clicking the delete trashcan.