1099-K Smart Check Error

[DC3434]

Premium online version $199. After I add my 1099-K, I return to the 1099-B section where I have all my investment items and there is no option for me to add another 1099-K nor refer to any personal item sales. 

[JamesG1]

After entering the IRS form 1099-k and selecting 'personal item sales', select Continue.

• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click to the right.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Select Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@DC3434 

[DC3434]

Again. I do not get this prompt. 

• At this screen, you will be asked to Reviewthe Personal item sales (1099-K).  Select Review.

i do not get this. There is no prompting to review my 1099-K in the 1099-B section.

[JamesG1]

At the screen Let's get the info from your 1099-K, did you select This amount in box 1a is too high or includes some personal transactions?

Or, at the screen Personal Item Sales, did you select All items were sold at a loss or had no gain?

@DC3434 

[DC3434]

All at loss and no gain

[DC3434]

On the 1099-K screen I said all sold at loss no gain

[JamesG1]

If the amount reported on the IRS form 1099-K box 1a is reduced by selecting All items were sold at a loss or had no gain, there would be no IRS form 1099-K box 1a proceeds to report on an IRS form 1099-B.

So, if the IRS form 1099-K reports $500 and you assign all $500 to All items were sold at a loss or had no gain, no proceeds are now available to report on IRS form 1099-B.

The amount sold at a loss or had no gain is reported on Schedule 1 Additional Income and Adjustments to Income.

See the Note above.

The remaining amounts reported to you on Form(s) 1099-K should be reported elsewhere on your return....

Have you no remaining amounts to report elsewhere?

@DC3434 

[4texans]

I am getting this same extremely frustrating "Needs Review" error on my 1099-K from eBay with all items sold at a loss. I've done the same thing I did last year, checking the box for Sales of Personal Items, then all items sold at a loss, and still getting a review error with the first screen getting lit up in red where you check "Sale of Personal Items". It seems that the "Sale of personal items" writing is not being transferred to the correct area in TT as the "relates to" section of the 1099K summary keeps staying blank if I say all items were sold at a loss. IT SHOULDN'T BE THIS HARD! No issues last year. I already talked to CS and they spent an hour with me with no fix. I finally asked them to search if this was a known software issue and sure enough it was. I signed up for updates on it with the email they sent me, but we are getting close to the deadline and I just want the software glitch fixed so I can file the taxes. They've been ready now for several days. I've paid the filing fee already. Ugh. 

[DC3434]

I figured it out. When you fill out the info for the 1099-K, don’t say that you sold everything at a loss. Choose the option that says you sold some at a loss. Then you go to the 1099-B section and you will see it prompt you to fill out the details of your 1099-K, at which point you can show you had a loss. Problem solved!!

[JamesG1]

The posting of IRS form 1099-K for personal item sales is a two-step process.  

• First, you post the IRS form 1099-K amount of box 1a.  
• Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.

Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.

If you report I sold some items at a loss or no gain at the screen Personal Item Sales, then the computation becomes:

The amount reported on the IRS form 1099-K box 1a less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales equals the Proceeds reported for the multiple entries of IRS form 1099-B.

@4texans 

[DC3434]

This doesn’t work if you select “sold all items at a loss”. Need to select “sold some”

[4texans]

I guess my frustration is that we shouldn't have to jump through the 1099-B hoops when ALL items are sold at a loss or at no gain on a commerce platform like eBay. Last year, I just clicked the toggle that all items were sold at a loss, and no big deal -- 1099K was done. Now due to some weird glitch they can't seem to fix, from this thread it seems I've got to select the other toggle, "Some items sold at a loss or no gain", and then go through my "garage sale" listings on eBay for clothes, figure out when I bought something and how much I paid for it, etc for every item sold (over 40 due to selling clothes that no longer fit mostly) and individually list them on a 1099-B that is also not easy to get to, and show each item was sold at a loss. All because a toggle switch on Turbo Tax Online isn't working properly. I've already spent over 5 hours on this single issue and regret prepaying for my filing.

[KrisD15]

If you enter Form 10-99-K under 

Wages & Income

Other Common Income

Form 1099-K

Select "Personal items sales" on the "Which type of income is your 1099-K for? screen

Enter the 1099-K

Select "All items were sold at a loss or had no gain" on the "Personal Items Sales" screen 

Continue and Done and that's it. 

If you select "I sold some items at a loss or no gain" that give you the drop-down box to enter how much on the 1099-K needn't be reported. 

You enter the amount that should be subtracted OFF the 1099-K and deal with whatever is left. 

It means that you sold at least one thing for a profit. 

If it reports 1,000 and people paid you 900 for stuff that cost you more than that to purchase (so you sold at a loss or no gain) enter 900 in this box. 

That would mean that someone paid you 100 for an item that you made a profit on. 

This is what you report for the capital gain, 

sold (proceeds)  for 100, purchased for XX profit 100 - XX. 

[4texans]

Yes it SHOULD be that easy with all items sold at a loss. And it has been in the past. But that is NOT happening this year for me at least. I understand it is a "known issue for some using TT (see screen grab below)". I guess I'm one of the lucky ones. I have deleted and reentered at least 15 times exactly how you stated. It just flat out doesn't work and I'm stuck in a review loop. Customer service tried and failed to help. 

I think the issue is that Turbo Tax is not putting "Personal Item Sales" in the "relates to" section as seen in the first screen grab. During review it gives me the screen on the right. I AM clicking "All items sold at a loss or no gain". I guess I call customer service again tomorrow and keep hounding them about it until they get the fix. 

Here's the link I was supposed to sign up with for "updates" on this issue 3 days ago. 

Thanks anyway for confirming that I am doing the correct thing. It's just a screw up on TT end that isn't fixed yet. And so I wait...

[JamesG1]

Are you able to report I sold some items at a loss or no gain at the screen Personal Item Sales?

If so, report to I sold some items at a loss or no gain all the sales except one sale.  Then the computation becomes:

• The amount reported on the IRS form 1099-K box 1a 
• Less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales 
• Equals the Proceeds reported for the multiple entries of IRS form 1099-B.

Then post the single loss transaction to as an IRS form 1099-B.

• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
• Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@4texans