In Desktop Turbotax Premier 2024, I've entered my 1099-K Summary but cannot find where to itemize each sold item and cost basis. I'm not prompted and can't find where.

None of the help in Windows Turbotax Premier 2024 - or online search - helps me navigate Desktop Turbotax to locate how and where exactly I need to go to itemize my 1099-K personal sales and I need to enter cost basis, fees, shipping etc. for each item. Even the Federal Tax check finds no errors in my taxes, even though I only have a 1099-K summary entered.

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1 Best answer

Expert Alumni

Mar 9, 2025 6:43:41 AM

In TurboTax Desktop Premier, you have entered the IRS form 1099-K and reported personal item sales, follow these steps.

Across the top of the screen, click on Federal Taxes.
Across the top of the screen, click on Wages & Income.
Click I'll choose what I work on.
At the screen Your 2024 Income Summary, scroll down to Investment Income and Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click to the right.
At the screen Let's finish pulling in your investment income, click the down arrow to the right of the 1099-K entry.
Click Edit.
At the screen Review your Form 1099-K, click on the pencil icon to edit.
Enter sale information. Click Continue.
At the screen Let us know if any of these situations apply to this sale, you may report sales expenses, Click Continue.

The entry will be reported:

on Schedule D of the Federal 1040 tax return, and
on line 7 of the Federal 1040 tax return.

Expert Alumni

Mar 9, 2025 6:43:41 AM

In TurboTax Desktop Premier, you have entered the IRS form 1099-K and reported personal item sales, follow these steps.

Across the top of the screen, click on Federal Taxes.
Across the top of the screen, click on Wages & Income.
Click I'll choose what I work on.
At the screen Your 2024 Income Summary, scroll down to Investment Income and Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click to the right.
At the screen Let's finish pulling in your investment income, click the down arrow to the right of the 1099-K entry.
Click Edit.
At the screen Review your Form 1099-K, click on the pencil icon to edit.
Enter sale information. Click Continue.
At the screen Let us know if any of these situations apply to this sale, you may report sales expenses, Click Continue.

The entry will be reported:

on Schedule D of the Federal 1040 tax return, and
on line 7 of the Federal 1040 tax return.

Level 1

Mar 9, 2025 8:46:07 AM

Hi. Thanks for the quick response.

This response helped me navigate to where I could itemize the 1099-K sales.

The key was knowing to click on "Update" next to "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other", under "Investment Income". At the top of this page, there was an informational message stating "You'll need to enter or review each personal item sale for your 1099-K separately". Then scrolling completely to the bottom of the page there was an entry stating "NEEDS REVIEW" labeled "Personal item sales (1099-K)". Clicking the blue "Review" button took me into the itemization section.

Thanks!

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In Desktop Turbotax Premier 2024, I've entered my 1099-K Summary but cannot find where to itemize each sold item and cost basis. I'm not prompted and can't find where.