1099 K

3 replies
52 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

AliciaP1Answer

Alumni - Intuit

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

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AliciaP1Answer

Alumni - Intuit

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

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

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?