topic I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVETHEM AND DO i STILL NEED TO REPORT IF BELOW THE THRESHOLD? in Get your taxes done using TurboTax

I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVETHEM AND DO i STILL NEED TO REPORT IF BELOW THE THRESHOLD?

Bluheavn1 — Tue, 03 Feb 2026 12:32:24 GMT

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

KeshaH — Fri, 07 Feb 2025 22:36:27 GMT

Some payers choose to issue Form 1099-K to everyone, regardless of the amount. You're required to report all of your income, even if it's below the threshold.

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

Bluheavn1 — Fri, 07 Feb 2025 22:56:40 GMT

Do I report each separately or combine them?

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

DawnC — Fri, 07 Feb 2025 23:04:00 GMT

Separately. How you report them depends on why you received the income. Some may not be taxable, some may be self-employment. See this TurboTax FAQ that explains the different types and how to enter them.

Why did I receive a 1099-K even though it's below the IRS threshold?

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

Bluheavn1 — Fri, 07 Feb 2025 23:28:23 GMT

All involved ticket sales through either Ticketmaster or SeatGeek

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

KrisD15 — Sat, 08 Feb 2025 00:00:55 GMT

Yes, you enter each Form 1099-K you receive into the TurboTax software, adjust if necessary, and allocate to the proper income section.

I assume you sell the tickets for personal reasons, not as a buy-and-sell buisness.

If it is a business, you file as a Self-Employed Taxpayer.

NOTE: personal transactions could also be on the 1099-K, such as receiving money from a friend or family member.

If you sell items online as a business, enter on Schedule C

If this reports rent, enter in the Rental Section (Schedule E)

If you sell personal items online similar to a garage sale enter following these steps:
In TurboTax enter the 1099-K under:

Income
Other Common Income
Income from Form 1099-K START

On the “Did you get a 1099-K?” screen, select “Yes”
On the “Which type of income is your 1099-K for?” screen, select “Personal item sales” CONTINUE
Enter the 1099-K as it was reported and select the box for “This amount in box 1a is too high or includes some personal transactions” in order to enter any personal items such as birthday gifts, but not to adjust for items sold online.

CONTINUE
On the next “Personal Item Sales” screen, make the correct selection.
Choose “I sold some items at a loss or had no gain” if you made a profit on any individual sale
Chose “All items were sold at a loss or had no gain” If ALL the items were sold and you did not realize a gain on any single item, (they sold for less than or only for as much as you paid to purchase the item in the first place) you would not need to enter any sales.Enter the amount of the 1099-K that represents the cash you got for selling items at cost or under.
So, if the 1099-K reports $1,000 and the only item you sold at a profit was an item that sold for $50, you would enter 950.
$950.00 on that 1099-K does not need to be address.
Also, remember that this is NOT saying you MADE $50, only that someone paid $50. The profit would be less because you need to subtract what you paid to buy it.
CONTINUE
Finish the interview and select done on the “Your 1099-K summary” screen,
YOU ARE NOT DONE if you made the first choice that only SOME items sold at a loss,
that would mean that at least one item sold at a gain, for a profit.
Now you need to report the sale, go to

Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other click UPDATE
The next screen should show “Personal items sales (1099-K)”

Click REVIEW to open
The next screen has an input screen for the Personal items you sold at a
profit/gain.
Enter one sale at a time.
Report when purchased, when sold, how much you paid to buy it and how much they paid to buy it from you

The next screen asks for selling fees, but those are USUALLY deducted before they pay you, so would not be included on Form 1099-K
If they were not, enter here

Once done, you should see the amount of proceeds you needed to address ($50) and the profit you made from that (those) sales.
The profit is Capital Gain listed on your 1040 line 7

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

Bluheavn1 — Sat, 08 Feb 2025 15:08:32 GMT

I do not understand why they need to be reported if they are under the threshold.?.

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

DianeW777 — Sat, 08 Feb 2025 15:24:11 GMT

All income must be reported with or without a reporting document. There are very limited exceptions. The exceptions do not pertain to your situation for 2024.

The limited exception is money between family members and the sale of personal use items at a loss. Examples would be selling your clothes, or similar items that might be part of a yard sale and sold at a loss. Personal losses are not allowed to be used to lower other taxable income.

Who must report and send 1099-Ks to individuals?

If you used a payment app or online marketplace and received a Form 1099-K:

A payment app or online marketplace is required to send you a Form 1099-K if the payments you received for goods or services total over $5,000. However, they can send you a Form 1099-K with lower amounts. Whether or not you receive a Form 1099-K, you must still report any income on your tax return.

@Bluheavn1

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

Bluheavn1 — Sat, 08 Feb 2025 20:02:06 GMT

SINCE EACH OF MY 3 1099k'S INVOLVE TICKET SALES, CAN I COMBINE THEM?

ALS0, WHERE DO I REPORT THEM IF NOT A BUSINESS?

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

DoninGA — Sat, 08 Feb 2025 20:03:43 GMT

@Bluheavn1 wrote:

SINCE EACH OF MY 3 1099k'S INVOLVE TICKET SALES, CAN I COMBINE THEM?

ALS0, WHERE DO I REPORT THEM IF NOT A BUSINESS?

Yes, you can combine the amounts to report on your tax return.

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

Bluheavn1 — Sat, 08 Feb 2025 20:23:09 GMT

Where do I report them if not a business?

19m ago

Re: I RECEIVED THREE 1099K's ALL BELOW THE $2500 THRESHOLD. $2128, $405, & $$13. WHY DID i RCEIVE...

DoninGA — Sat, 08 Feb 2025 20:28:04 GMT

@Bluheavn1 wrote:

Where do I report them if not a business?

19m ago

Enter the Form 1099-K in the section for a Form 1099-K. You will be asked why you received this income

Click on Federal>Wages & Income>Other Common Income>Income from Form 1099-K