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1099 K

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

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1 Best answer

Accepted Solutions
AliciaP1
Expert Alumni

1099 K

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:

  1. Sign in to TurboTax and open your return
  2. Select Search and enter 1099-k
  3. Select Jump to 1099-k
  4. Select Yes on the Did you get a 1099-K? screen
  5. Select Hobby income and Continue
  6. 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
  7. If you have a 1099-K from another hobby, select Add another 1099-K, otherwise, select Done
  8. Scroll down the Wages and Income page and select Less Common Income
  9. Select Start next to Miscellaneous Income, 1099-A, 1099-C
  10. Scroll down to Other reportable income and select Start 
  11. Choose Yes on the Any Other Taxable Income? screen
  12. In the Description field, enter Form 1099-K Costs of Goods Sold
  13. In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done
**Say "Thanks" by clicking the thumb icon in a post
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View solution in original post

3 Replies
AliciaP1
Expert Alumni

1099 K

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:

  1. Sign in to TurboTax and open your return
  2. Select Search and enter 1099-k
  3. Select Jump to 1099-k
  4. Select Yes on the Did you get a 1099-K? screen
  5. Select Hobby income and Continue
  6. 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
  7. If you have a 1099-K from another hobby, select Add another 1099-K, otherwise, select Done
  8. Scroll down the Wages and Income page and select Less Common Income
  9. Select Start next to Miscellaneous Income, 1099-A, 1099-C
  10. Scroll down to Other reportable income and select Start 
  11. Choose Yes on the Any Other Taxable Income? screen
  12. In the Description field, enter Form 1099-K Costs of Goods Sold
  13. In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

1099 K

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?

AliciaP1
Expert Alumni

1099 K

Step 13 is your original cost of the action figures you sold.  You can make the number negative my typing "-" in front of the number.

 

@Charles conde 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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