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1099-K going in an endless loop

I enter it as exactly shown on the form from eBay. It then tells me  "You’ll need to enter additional information for your sale in another section" I follow the help guide and what it tells me is there is not there.

 

What do I do? Every year you all want more for your product and every year it gets harder and harder to use.

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5 Replies
LeticiaF1
Expert Alumni

1099-K going in an endless loop

Form 1099-K is used to report different things like hobby income, self-employment income, and sometimes personal item sales. The way you enter it on your return depends on what type of income you are receiving. If your income is from hobby income or the sale of personal items, your 1099-K will need to be entered directly as a 1099-K. ‌If the 1099-K is from self-employment, you will need to enter that form when you enter your business information. 

 

You should go back to your return and check how you entered your form. ‌If needed, you might want to delete it and re-enter it in the correct area. See the links below for instructions on how to enter the form depending on your situation:

 

How do I enter a 1099-K for personal item sales?

How do I enter a 1099-K for hobby income?

How do I enter a 1099-K for self-employment income?

How do I view and delete forms in TurboTax Online?

1099-K going in an endless loop

Not an expert but I am also dealing with the eBay 1099-K thing.

 

My 1099-K was not accurate.  For example, it seems show that the state taxes they collect were part of my income.

 

I downloaded another statement from ebay that lists "actual" income and also listed fees and other expense.  My accountant does  part of my taxes and asked him about this.  He said just set the 1099-K aside and use the other data from eBay

1099-K going in an endless loop

The problem isn’t entering the form. The problem is the program keeps saying to review it over and over.

1099-K going in an endless loop

OK.  I didn't have that issue.  I have the Home and Biz version.

Good luck

JamesG1
Expert Alumni

1099-K going in an endless loop

The posting of IRS form 1099-K for personal item sales is a two-step process.  

 

  • First, you post the IRS form 1099-K amount of box 1a.  
  • Second, you post the IRS form 1099-B Proceeds  From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.

Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.

 

Are you reporting rounded dolllars or dollars and cents?  If so, you may find that the individual item sales may not equal the amount of IRS form 1099-K box 1a because of the rounding of the dollars and cents.

 

@Sayso 

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