1099-K Smart Check Error

Did you select "Personal items sales" on the "What type of income is your 1099-K for?"

Did you select "All items were sold at a loss or no gain" 

If yes, there should be no smart-check errors. 

Please review that entry 

@KrisD15I reviewed many times... however, I just closed and re-opened TurboTax to take a walk out of frustration and SmartCheck is now not giving any errors. I even deleted the 1099-B entry for the item and SmartCheck is again not reporting errors.

I really dislike the desktop version of TurboTax, and this is now another reason why for putting me through this frustration for over an hour... But I save $50 by buying a code from Costco which you apparently can't use in the online version. Sigh. Thank you for your response, even if the problem seemed to be something cached or otherwise needing the program to be restarted.

Hi, I am having the same issue but in the online version. This error won't go away.

I'm sorry.  I am not able to view the .PNG file.

In TurboTax Premium Online, you are entering the IRS form 1099-K and reporting personal item sales.  You are receiving a Review error.

The reporting of personal item sales takes two steps:

• The first step is entering the IRS form 1099-K and reporting personal items sales.
• The second step is reporting the sales on Schedule D of the Federal 1040 tax return.

In TurboTax Online, to report Personal item sales, follow these directions.

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click the down arrow to the right of Other Common Income.
• Click to the right of Form 1099-K.
• At the screen Did you get a 1099-K?, select Yes.
• At the screen How would you like to upload your 1099-K? click Type it in myself. 
• At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
• At the screen Let's get the info from your 1099-K, enter the information.     
• Click Continue.
• At the screen Personal Item Sales, click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
• To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@heyengel 

There is no "revisit" option on the online version of turbotax. 

In TurboTax Online the way to revisit a section is using the Review/Edit button.  

@Sayso 

Yes, I understand that. What I am saying is that the thing we need to “revisit” isn’t there. There is no option to review personal item sales reported on a 1099K

Please clarify if you are not able to work through the entry screens for Form 1099-K again for the entry you have already made by choosing "Edit" next to Income from Form 1099-K?

@Sayso 

@JamesG1 Thanks I was able to resolve this by contacting Turbotax chat support. After escalation, the solution was to first delete the existing 1099-K and then add it back through Other Common Income. It's a software bug.

I tried this and all the other proposed solutions above, and none of them work for me. I still have the error and it tells me I have 1 item to fix. 

Are you reporting an IRS form 1099-K and personal item sales?  

If so, 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, cost basis and selling costs.

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.

@DC3434 

There is no way for me to enter personal item sales in a 1098-B. At least the online version doesn’t allow me to. 

What version of TurboTax are you using?  IRS form 1099-B is supported in the Premium Online version.  It is not supported in the Free, Basic or Deluxe Online versions.

@DC3434 

There you go! It's not a glitch, it's a feature lol

Premium online version $199. After I add my 1099-K, I return to the 1099-B section where I have all my investment items and there is no option for me to add another 1099-K nor refer to any personal item sales. 

After entering the IRS form 1099-k and selecting 'personal item sales', select Continue.

• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click to the right.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Select Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@DC3434 

Again. I do not get this prompt. 

• At this screen, you will be asked to Reviewthe Personal item sales (1099-K).  Select Review.

i do not get this. There is no prompting to review my 1099-K in the 1099-B section.

At the screen Let's get the info from your 1099-K, did you select This amount in box 1a is too high or includes some personal transactions?

Or, at the screen Personal Item Sales, did you select All items were sold at a loss or had no gain?

@DC3434 

All at loss and no gain

On the 1099-K screen I said all sold at loss no gain

If the amount reported on the IRS form 1099-K box 1a is reduced by selecting All items were sold at a loss or had no gain, there would be no IRS form 1099-K box 1a proceeds to report on an IRS form 1099-B.

So, if the IRS form 1099-K reports $500 and you assign all $500 to All items were sold at a loss or had no gain, no proceeds are now available to report on IRS form 1099-B.

The amount sold at a loss or had no gain is reported on Schedule 1 Additional Income and Adjustments to Income.

See the Note above.

The remaining amounts reported to you on Form(s) 1099-K should be reported elsewhere on your return....

Have you no remaining amounts to report elsewhere?

@DC3434 

I am getting this same extremely frustrating "Needs Review" error on my 1099-K from eBay with all items sold at a loss. I've done the same thing I did last year, checking the box for Sales of Personal Items, then all items sold at a loss, and still getting a review error with the first screen getting lit up in red where you check "Sale of Personal Items". It seems that the "Sale of personal items" writing is not being transferred to the correct area in TT as the "relates to" section of the 1099K summary keeps staying blank if I say all items were sold at a loss. IT SHOULDN'T BE THIS HARD! No issues last year. I already talked to CS and they spent an hour with me with no fix. I finally asked them to search if this was a known software issue and sure enough it was. I signed up for updates on it with the email they sent me, but we are getting close to the deadline and I just want the software glitch fixed so I can file the taxes. They've been ready now for several days. I've paid the filing fee already. Ugh. 

I figured it out. When you fill out the info for the 1099-K, don’t say that you sold everything at a loss. Choose the option that says you sold some at a loss. Then you go to the 1099-B section and you will see it prompt you to fill out the details of your 1099-K, at which point you can show you had a loss. Problem solved!!

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.

If you report I sold some items at a loss or no gain at the screen Personal Item Sales, then the computation becomes:

The amount reported on the IRS form 1099-K box 1a less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales equals the Proceeds reported for the multiple entries of IRS form 1099-B.

@4texans