What number do you put in for payment amount for 1099-K? I've tried every single number, the ones on the form, everything?

[parksfamily2430]

I've input totals, differences, zero, loss, everything and no number will let me file. What did I do wrong?

[JamesG1]

Are you reporting the posting of IRS form 1099-K for personal items sales?  If so, report the amount of box 1a.

The posting of IRS form 1099-K for personal item sales is a two-step process.  

• First, you post the IRS form 1099-K amount of box 1a.  
• Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.

Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.

[parksfamily2430]

Done. But TurboTax keeps rejecting it, no matter what number is in there, total, adjusted total, difference, zero, won't take it no matter what. First year I've had a 1099K and it completely f*cks up, naturally. Won't allow me to complete the filing.

[parksfamily2430]

And I don't have a 1099-B or any other form? I've always just reported my sales as a side business, been selling for 23+ years, never had a problem like this before. I'm about ready to just delete the 1099-K and say screw it.

[parksfamily2430]

I get to the point to file, and says "let's make sure everything is accurate" then says "fix Federal return" which takes me to a 1099-B which says it doesn't match, but I've every number that it could possibly be, including rounded up or down on every number and nothing works, including zero. So it tells me I have the option to pay $200 to contact someone or file by mail, but then it won't let me file by mail either, still wants me to "fix my error"

[JamesG1]

And I don't have a 1099-B or any other form? 

Are you reporting personal sales items?

which takes me to a 1099-B which says it doesn't match,

Are you reporting any information, at all, on an IRS form 1099-B?  Are all items sold at a loss or had no gain?  Are some items sold at a loss or had no gain?

[parksfamily2430]

When I am inputting numbers I have no idea that I am using one form or another. I resell items on ebay and very rarely make much of a profit. But I put only the three or four numbers in that apply and the system is creating a magical number on the form that TurboTax won't accept; it's not a number I input

[parksfamily2430]

I've tried varying my answers and clearing all additional numbers and leaving only the grand total reported on the 1099K in the box. And it still rejects that. I've put all these numbers in already as my side business and am being charged tax already on the miniscule difference. But no matter what, the 1099K won't go through. 

[JamesG1]

Consider not posting the IRS form 1099-K and posting the sales directly to IRS form 1099-B, Schedule D  and Schedule 8949.

Do you have a spreadsheet that reports your income and expenses related to each sale?  I would also recommend that you round off the numbers to the nearest dollar.

Your total selling price of all of the items sold may or may not total the IRS form 1099-K that you received.  The IRS may or may not question your entries.  But, if they do, you have your spreadsheet that ties the sales back to the IRS form 1099-K that you received.

Sale of personal items may be reported on Schedule D IRS form 1040 and Schedule 8949.

Personal items sold for less than their cost basis (most likely, the fair market value of the item on the date of the owner's death) report $0 capital gain on line 7 of the Federal 1040 tax return.

Personal items sold for more than their cost basis report the gain on line 7 of the Federal 1040 tax return.  See this example.

                                              Selling                   Cost

                                              Price                      Basis

Item 1                                   $500                       $2,000                 Capital loss on personal item = $0 loss

Item 2                                   $400                       $300                    Capital gain on personal item = $100 gain

Item 3                                   $100                       $100                    No capital gain or loss

                                              $1,000                   $2,400

In TurboTax Online, to report such a sale of personal items, follow these directions.

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click to the right of Investments and Savings.
• Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, select enter a different way.
• At the screen OK, let's start with one investment type, select Other, Land, Second homes, Personal items.
• Click Add another sale to post the next sale.

See also this TurboTax Help.

[parksfamily2430]

Sounds like exactly what I've been doing for years and years. I'm letting it hold for a few days and if TurboTax still won't let it be fixed, I'm just deleting the form. It's almost exactly right, just off where I gave a few refunds and I've already been taxed elsewhere for it, so why do I need it???

[MonikaK1]

See this TurboTax Help article for more information about which steps to take depending on why you receive a 1099-K and whether you are in business to make a profit, or selling personal items at a loss, etc. 

Form 1099-K tracks income you made from selling goods or providing services via payment apps and online marketplaces. Examples include PayPal, Venmo, Square, Etsy, Uber, and Ebay.

You should receive a 1099-K if you made more than $5,000 on one of these platforms.

Even if you don't receive a 1099-K, or you make less than $5,000, you still need to report all taxable income to the IRS. 

If you generally have a net profit from sales, or can establish that you meet IRS guidelines for operating a business, report the income and related expenses on Schedule C.

If you have occasional sales of personal items at a loss, you can choose not to report them on your return at all. If you sell the items through an online platform or other entity that issues you a Form 1099-K, keep good records in case of an audit.

If you regularly sell items as a hobby, report the Form 1099-K. You can't deduct the expenses under current law, except on some state returns, such as California, whose laws didn't change on this issue when the Federal law did.

See also this TurboTax tips article and this IRS webpage for more information.

Form 1099-B is for entering broker transactions such as stocks or bartering. See this help article for more information.

@parksfamily2430