No 1099-K

[Mighty_Kiska_Dog]

I did not receive a 1099-K this year because I did not sell very much on ebay. Turbo tax said to take the standard deductioin. Or should I still itemize?

[GiseleD · Accepted solution]

The 1099-K will not affect whether or not you itemize. If you are selling products on eBay, then you are most likely self-employed, and need to report all income and all allowable expenses as self-employment.

To enter self-employment income and expenses, follow these steps:

1) Once in your return, click Federal (left-hand menu bar)

2) Click Income & Expenses at the top. 

3) Look for Self-employment income and expenses.

• You may have to expand the choices in the Income & Expenses section to get this subsection to appear. 

4) Click Start when you find this section, and follow the guided interview. 

Regarding itemizing/standard deduction, this is affected by personal deductions like mortgage interest, medical expenses, charitable gifts, state and local income taxes paid, etc. Self-employment income and expenses do not fall under the umbrella of itemizing.