I do not see option to enter individual transactions for 1099-K

[nandkv-online]

I received 1099-K from eBay for personal item sales. I have the option to enter this in turbotax and I see the entry on the 1099-K summary screen.

The instructions suggest that you need to enter the items on a different screen but I do not see these options on TurboTax Premium. Is this a bug or is there a different way to enter these items ?

I tried to follow these instructions but the items even though I choose personal items end up on 1099-B which is for stocks and is not a 1099-K

[nandkv-online]

Anyone running into this, you will have to follow the below steps:
1. Delete the 1099k Entry

2. Save the file.

3. Close TurboTax

4. Add a new 1099k entry and change the name slightly

5. Navigate to investment income and you should see the entry.

[DianeW777]

These sales can be entered directly into Investment Sales without entering the 1099-K if you choose.  

• Keep in mind an personal use items sold at a loss would not be allowed to be used to reduce other income (example clothing, or yard sale type items you paid a higher amount than selling price).  The cost for these items would be the same as the selling price.

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

[nandkv-online]

The guidance is not accurate. If you do add directly it shows as 1099-B but does not show it as linked to 1099K and also the Form 1099-K reconciliation doesn't reflect it accurately. It is s/w glitch at least in TurboTax Desktop version. 

[Bob1358]

I have this issue, and tried your approach, but it still doesn't show up in the Your Investments and Savings Summary screen.  Clearly a bug in TT.

[JamesG1]

In TurboTax Online Premium, I am able to enter an IRS form 1099-K as personal item sales.

The following entry was found under Investments and Savings.

I am able to enter the personal item sales and report the income and expense on Schedule D of the Federal 1040 tax return.

What version of TurboTax Online are you using?

[Bob1358]

Hi JamesG1,

Thanks for your quick reply!

I’m using the online version, as I have in past years.

When I entered the 1099-K forms under the 1099-K section, the “?” Help told me that they would show up in the Investments section.  But they did not.

I had entered them as “sale of personal items.”

Here’s the interesting part:  no matter what dollar amount I entered, and whether or not I check the box stating that there was a loss, there was no change to my "tax due" indicator at the top of the page.  They also did not show up in investment section.  I even tried entering $25,000, and did not say that it was a loss.  No change to my tax due.

However, if I checked the “hobby income” box, it immediately updated the tax due indicator.  It also created an entry in the investments section, but not as a 1099-k.  It showed up as a 1099-B.

That said, since there was no profit, I entered them in the 1099-K section as sale of personal items.  Since it (correctly) did not impact my taxes due, I left it like that and filed my return. ( I deleted my previous entries first).

Something is definitely wrong,  perhaps this will be fixed since I’ve provided a description.

Thanks,

Bob1358

[JamesG1]

Enter an IRS form 1099-K and select 'hobby income' and the income is immediately posted to line 8j of the Schedule 1 Additional Income and Adjustments to Income.

Enter an IRS form 1099-K and select 'personal item sales' and the income is not posted until the entry is posted to the IRS form 1099-B under Investment and Savings and Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.

Enter an IRS form 1099-K and select 'personal item sales' and 'All items were sold at a loss or had no gain' and the notation is made at the top of Schedule 1 Additional Income and Adjustments to Income as 'enter the amount reported to you on Forms 1099-K that was included in error or for personal items sold at a loss'.

[Bob1358]

Thank you, JamesG1, for that clear answer.  The third case is, in fact, how it was handled.  I checked my schedule 1 and there was an entry there.

This should be the answer when clicking the help button on this topic (when entering 1099-K's).  Instead, it states that there will be a corresponding entry in the investments section, which is only partially correct.

I appreciate you taking the time to clarify this issue!

Bob1358