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turbotax Deluxe only allows entry for 1099-K but nowhere to enter information
turbotax Premier walks you through everything
the big question is if there is a work around using turbotax deluxe
how to do this on Deluxe edition
that is enter all the details of the sales
1099-K entry may require different versions of TurboTax.
Personal item sales uses minimum of Premier.
Self-employment, farm uses minimum of Self-employed.
The January 27, 2023 IRS update (page 87) permits the use of IRS form 8949 / Schedule D Capital Gains and Losses to report Personal item sales.
@stantonporsche
the work around in turbotax deluxe is to enter info on stocks, bonds section
enter code F for long term sales not provided on 1099-B
(assume long term item sold)
it treats person item as a stock I believe but you can give description of the item
this will generate a 8949
Also to generate on line 8z schedule 1,
Miscellaneous Income, 1099-A, 1099-C
enter two items
person item at loss: 200
person item at loss : -200
this will put both items at zero on line 8z but I guess you can manually enter 200
the issue is with line 24z( turbotax cannot generate number here to offset)
wondering if can manually enter 200 on line 24z
but will this cause filing issues or program issues
You are reporting Income in the Investments section (as shown in screenshot above).
To offset this income on your tax return (if you actually sold personal items at a loss), only make the negative entry in the Miscellaneous Income section.
Here's more info on 1099-K for Personal Item Sales.
@stantonporsche
but how do you get Turbotax to generate number on line 24z to offset number that generates on line 8z?
if the amount is large like say $50,000
just putting this number down on schedule 1 , might raise eyebrows from IRS because no explanation on the items other than saying : " Form(s) 1099-K items sold at a loss".
wondering if much better to enter info on 8949 since more details on the losses
If you just put negative entry in miscellaneous, turbotax sees it as a loss and enters money owed to you
but you cannot take deduction on loss from person property
only way to fix this is to put same entry but positive number as well
Your positive entry goes in the Investments section, under Wages & Income.
Type '1099-K' in the Search area, then click on 'Jump to 1099-k' to get to this section.
@stantonporsche
In 2021 TurboTax said you do NOT need to enter 1099-K info if it was self employment income (sales) as you would instead list the income (sales) on Schedule C. But this year this TT has changed and asks if you have 1099-Ks and then choose if it is for self employment income, but when I do that, AND list my self employment sales, its double counting.
So, is it ok to NOT to list individual 1099-Ks I got (paypal, ebay, etsy) for my self employment business and JUST list my sales in the Schedule C like in 2021 ? I assume this is correct. Please advise and thanks!
Yes, it is OK to not list the individual 1099-Ks to record the income that you received. As long as you do enter it for the Schedule C income, it will be fine. The IRS matches income and you will have entered the amounts from your K-1s.
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