topic Consignment payouts in Get your taxes done using TurboTax

Consignment payouts

kbcouch — Sat, 12 Feb 2022 21:12:20 GMT

I own a physical store and have my own items that I have wholesaled to sell and I do consignment. I get a 1099K which reports total sales from my POS system, but of course not all of those are my personal sales. 50% of consigned items get paid to the consignor. I have to report total sales, but do not issue a 1099 because it is many people ranging from $1-$50, way under $600. I would imagine I would write this off under Miscellaneous as Consignment Fees or some other verbage?

Re: Consignment payouts

ColeenD3 — Sat, 12 Feb 2022 21:22:20 GMT

Yes, you can write off what you must pay your customers as Consignment Fees. Yes, that would be a miscellaneous expense on Schedule C.

Steps:

Type "Schedule C" in the search field at the top right hand of the screen.
Select "Jump To Schedule C" and you will be brought to the section of TurboTax where you can enter or have entered your business income and expense information.