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Mighty_Kiska_Dog

Level 1

Solved

No 1099-K

Forum|Forum|6 years ago
July 11, 2020
1 reply
5 views

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?

Best answer by GiseleD

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.

Level 14

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.

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