1099 K

Forum|Forum|3 years ago
April 7, 2023
1 reply
7 views

Hello,

I received a 1099-K from Ebay because I sold a few thousand dollars worth of action figures from my personal collection I had from 1998. Last year I was told to enter the amount of money i paid for shipping for 2021. I dont see where to enter the amount i paid for shipping last year. Do i deduct the shipping i paid for last year? if so, how do i do that? ( i have the deluxe version)

Thank you

Best answer by AliciaP1

If you do not intend to earn income from these activities and it is sporadic income you will receive you need to enter your 1099-K and expenses related by following the steps below. If you are intending to earn a profit and plan to continue these activities, the IRS will consider you self-employed and you will need to enter the 1099-K and expenses on a Schedule C. See Am I considered self-employed? for more information.

To enter your hobby or uncommon income in TurboTax Online:

Sign in to TurboTax and open your return
Select Search and enter 1099-k
Select Jump to 1099-k
Select Yes on the Did you get a 1099-K? screen
Select Hobby income and Continue
On the next screen, enter the details from your 1099-K regarding who paid you, their federal ID number, and the amount in Boxes 1 and 4. If your form has information in boxes 6-8, select the box and enter those details, and Continue
If you have a 1099-K from another hobby, select Add another 1099-K, otherwise, select Done
Scroll down the Wages and Income page and select Less Common Income
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other reportable income and select Start
Choose Yes on the Any Other Taxable Income? screen
In the Description field, enter Form 1099-K Costs of Goods Sold
In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done

AliciaP1Answer

Level 13

To enter your hobby or uncommon income in TurboTax Online:

Sign in to TurboTax and open your return
Select Search and enter 1099-k
Select Jump to 1099-k
Select Yes on the Did you get a 1099-K? screen
Select Hobby income and Continue
On the next screen, enter the details from your 1099-K regarding who paid you, their federal ID number, and the amount in Boxes 1 and 4. If your form has information in boxes 6-8, select the box and enter those details, and Continue
If you have a 1099-K from another hobby, select Add another 1099-K, otherwise, select Done
Scroll down the Wages and Income page and select Less Common Income
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other reportable income and select Start
Choose Yes on the Any Other Taxable Income? screen
In the Description field, enter Form 1099-K Costs of Goods Sold
In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done

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Charles condeAuthor

Level 2

Hello,

Thank you for your response. On Step 13, the negative number would the amount in Box 1a from my 1099-K but negative ? and how would I type a negative number in my TurboTax?