topic Do I need to file a Form 8275/Schedule 1 to explain why all of 1099-K income was a personal transaction? in Get your taxes done using TurboTax

Do I need to file a Form 8275/Schedule 1 to explain why all of 1099-K income was a personal transaction?

asb4 — Tue, 03 Feb 2026 14:04:30 GMT

Venmo issued me a 1099-K for an amount that was a personal transaction, not a business one. Venmo said they would not issue a corrected 1099-K. I've marked the full amount that shouldn't be included. Do I need to file a Form 8275 or Schedule 1 to explain? How do I do that?

Re: Do I need to file a Form 8275/Schedule 1 to explain why all of 1099-K income was a personal t...

JamesG1 — Sun, 02 Feb 2025 14:26:20 GMT

Form 8275 is not required. When reporting the IRS form 1099-K income, report the incorrect amount in the box that states:

"This amount in box 1a is too high or includes some personal transactions."

The amount in error will be reported at the top of Schedule 1 Form 1040. Note the amount reported in error or for personal items sold at a loss.

Not sure what kind of income you are reporting for the IRS form 1099-K. To access the form in TurboTax Online, follow these steps:

Down the left side of the screen, click on Tax Home.
Click on the down arrow to the right of Review.
Click on the blue band labeled Review.
Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Other Common Income click on the dropdown menu.
Under Your income and expenses, click the Start/Revisit button to the right of Form 1099-K.
At the screen Did you get a 1099-K? click Yes.
At the screen How would you like to enter your 1099-K? click Type it in myself. Click Continue.
At the screen Choose which type of income your 1099-K is for, select the appropriate button. Click Continue.
At the screen Let’s get the info from your 1099-K, enter the information.
If necessary, note the box "This amount in box 1a is too high or includes some personal transactions."
Click Continue.

Re: Do I need to file a Form 8275/Schedule 1 to explain why all of 1099-K income was a personal t...

asb4 — Sun, 02 Feb 2025 15:27:01 GMT

Thank you. It was a personal transaction through Venmo accidentally marked as a business transaction, so it's really not reportable income at all. Venmo said they would not issue a corrected 1099-K.

Re: Do I need to file a Form 8275/Schedule 1 to explain why all of 1099-K income was a personal t...

PatriciaV — Mon, 03 Feb 2025 16:37:11 GMT

To avoid IRS issues, go ahead and enter Form 1099-K with the adjustment as JamesG1 posted earlier. No further explanation is needed.