Added my 1099-k info in the other common income section and check marked the sale of personal items. Added the info from my 1099-k in and then check marked all items sold at a loss or had no gain. Next page says "We've added your personal item sales. You’ll need to enter additional information for your sale in another section". When I click learn more, it directs me to the Investment and Savings category and asks me to see the line for 1099-K. But there is no 1099-K in that category. Only says "Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report". Am I missing something here? Is this form not yet available?
Was the full amount that was reported in box 1a of the IRS form 1099-K also reported as the amount reported to you on Form 1099-K that was included in error or for personal items sold at a loss on Schedule 1 Additional Income and Adjustments to Income?
If the full amount of the IRS form 1099-K was reported at the top of Schedule 1, no IRS form 1099-B was created because there were no personal items sold to report.
The directions that you saw would have been confusing.
Was the full amount that was reported in box 1a of the IRS form 1099-K also reported as the amount reported to you on Form 1099-K that was included in error or for personal items sold at a loss on Schedule 1 Additional Income and Adjustments to Income?
If the full amount of the IRS form 1099-K was reported at the top of Schedule 1, no IRS form 1099-B was created because there were no personal items sold to report.
The directions that you saw would have been confusing.
Yes what I added to box 1a is exactly the same as the amount on the 1099-k form. So, you are saying that TurboTax may be wrong and that I do not need to do anything if I choose the option of sold all items at a loss or no gain?
If the full amount of income reported on IRS form 1099-K is identified as "in error or for personal items sold at a loss", then you have satisfied the IRS as to the status of the income.
IRS Publication Your Federal Income Tax, page 2, states:
Changes to reporting amounts from Form 1099-K
Beginning in 2024, if you received a Form(s) 1099-K that shows payments that were included in error or for personal items sold at a loss, you will now enter these amounts in the entry space at the top of Schedule 1 (Form 1040).
Maintain a record in your tax information of how you made this determination should a tax authority have a question at a later time.