1099-K problems entering consistent & correct information in turbotax

[MICKEY79]

I am still having a similar problem. I have entered all my data from my 2 1099-K's.  After  entering the loss info I have a small gain on each that does NOT show up anywhere on 1040. This is income that I am sure I must declare. Very confusing!! TT has done a very poor job on handling 1099-K info.

[plasar]

Did you go to the "Forms" view and fill out detail of each item with a capital gain on a "Form 1099-B Wks" worksheet?  Let me know if you want a screen print.  

[MICKEY79]

No. TT never directed me to do that and I only have the 1099-K's. I don't have all the transaction details.

[Bruce771]

You are correct, TT doesn't prompt you to enter your transaction details. In the step-by-step view, you can enter that information; however, in the section labeled "Investment Income (see pic)," the first step in that section is called "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other." That section title still seems illogical to me, however, that's where I input my 2024 1099K transactions - both profit and losses. When you start on that first section, it should pull in "income" from your 1099K, and clicking on that will allow you to input individual transactions - you don't need to switch to forms.

The information required is

1. What type of investment (select from drop down list)
2. How did you receive the investment (select from drop down list)
3. Description (i.e., what did sell)
4. When did you receive it?
5. Date sold
6. Proceeds
7. Total amount paid (i.e., what did you pay for the item)

In the case of eBay, I could download a transaction report which has important information such as net proceeds, date sold, etc. I was fortunate in that I had a record of what I paid for each item. I did not have the date acquired, but in this case all the IRS is looking for is whether you had it for a year or more so they can classify it as a short term or long term asset, so I filled in the date acquired using my best estimate knowing that all of my items were held in my possession well over 1 year.

Hope this helps.

[MICKEY79]

Thank you for your quick response. I was able to input my 1099-K info as you suggested.  I did NOT do individual transaction but did a summary of  each of my 2 1099-K's.  

BTW, I still feel that the way TT handles this is very clumsy!!

[LR14]

Your situation sounds almost identical to mine.  I spent almost 10 hours yesterday plugging in different numbers to get past the smart run error of having the 1099B & 1099K out of balance knowing that my figures are correct.  The problem I am having now is trying to submit my taxes for e-file knowing the error keeps showing up.  How did you get around this?  Is there a way to submit my taxes with that error present in the smart check?

[hcmetz]

Hello,

I followed the tt staffer’s last advice: I deleted the total number in the “sales value of items sold with a loss” field, and just left it empty. That is in contradiction to what tt asks, and it wasn’t explained well, but effectively, that then means the system HAS TO use the values from the individual items entered/listed. That then makes the error (which is a purely tt-internal thing anyway, it’s not in the filing) go away. To be on the safe side, I then changed a sales value and in a second test an acquisition value, and confirmed that that changes the gain/loss calculation in the right way, ie, I actually pay taxes as calculated on the individual items That all worked, so I filed my taxes and got my refund back already.

Hope this helps

HC

[Sam618]

Thank you @hcmetz and @DawnC!!!

I had the exact same scenario with personal items sales (some with gain, some not) and ran into the same Smart Check error. I was pulling my hair out until I found this thread. The recommendations to clear out the "total proceeds for items sold at a loss or no gain" did the trick!

I know it probably means nothing since it is an internal TT check, but I sleep better knowing my return passed the Smart Check before filing.

Thank you!