Solved
No 1099-K
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?
GiseleDAnswer
Alumni - Intuit
July 11, 2020
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.
**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
