1099k for eBay. Sale of personal items. 8 losses, 1 gain. I entered the sales individually and included details. TurboTax keeps asking me to review. Anyone else?

[sohayda]

It is asking me to verify data as well and won’t let me efile if I get it wrong. It’s bad enough I had to upgrade to get access to file this form, but I got to the end and it won’t let me finish.

[JamesG1]

Is this the Review that you are seeing?

Or are you seeing something else?  Please clarify.

@sohayda 

[sohayda]

Yes it asks me to review and then it asks me to review every single individual sale. I go into each sale and everything is in order. It shows a total gain of $132 as only one sale generated any proceeds and the rest were at a loss, but then when I finally try to do my "federal review" it asks me to answer a question to confirm the values are correct. It was a shot of the tax form but now it is asking me different questions.  It was previously asking me to a value, and now it is a whole other form saying that an item I sold at a loss "Basis reported to IRS Yes or No Box must be marked for...." so now I am even further confused what to do. Did they update this software in the last day or so? I have multiple purchases only one is a gain.  I added three screen grabs of what I am seeing.

Thank you for any insight.

[DawnC]

You should mark the Cost/Basis not reported on all of the sales you are reporting from the 1099-K.   EBay would not have had that information to send to the IRS; you manually entered the cost basis when you entered the transactions.   It is possible that an update happened last night, but it is normal to get the screen you see now after you confirm the values.  

Box F transactions are long-term transactions (items you had for over 1 year) for which you didn't receive a Form 1099-B - you received a 1099-K, so you are providing the IRS with the cost basis.  

[sohayda]

Thank you. I was away and was finally able to log in  again to try to finalize my return.

There was an update to the forms because it is no longer trying to turn the 1099-k data into a 1099-b form.  I was able to review the individual sale entries and clear the individual review "errors" even though I made no changes, and I now have a new error when I try to finalize the "Federal Review." It is telling me to review the 1099-K and is saying "Link to Sch D worksheet  links to  same copy of this worksheet as another copy of form 1099-K" and is asking me to "select a unique copy of the worksheet  for each  Form 1099-K." I am confused. I have one 1099-K from ebay, that includes 9 sales. There's only one listed in my wage section. The review screen asking me to make changes is only making one field active - the line for Sch D in the screenshot below.  Do you have any idea what needs to be changed? Thank you for your help!

[AmyC]

Be sure you have updated everything. Your post looks like you have more than one 1099-K listed. Make sure you only have one for eBay per person. They should not have sent more than one per person. Be sure the owner is selected.

Let's go through the steps you took. 

1. You entered the 1099-K under Other Common Income and entered Sale of Personal Items. 
2. You completed the information on the 1099-k.
3. The program told you to go to Stocks, Mutual Funds section. 
4. You clicked on stock section and selected Edit for your eBay entry. 
5. You entered each item until all 9 were added inside of the one eBay  selection.

When looking at Here's all the investment accounts we have so far:

• you should have eBay listed once. 
• When you click Edit, you can see all 9 sales reported by eBay with the total matching the 1099-k.

I have tried to replicate your situation without success. Review the steps listed above. If this does not work, let us know.

[sohayda]

Hi Amy, thanks.

I deleted everything associated with the 1099-K forms and started over.
I went back into “wages and income” and added a 1099-k form. 
I filled in the form:
Personal Item Sales,
1099-k for myself (we only received one)
Form issued by ebay
Included their tin
Included the value in box 1a
I checked the box indicating that the value was too high or includes some personal transactions.
It opens up a new field asking you to enter the amount that SHOULDN’T be included and I took the total value in box 1a and subtracted the values for items sold at a “loss” and entered that value (we will call “non-reportable value”). [I did this as the note says to enter the amount that SHOULDN'T be included].
There are no entries in my 1099-k form boxes 4, 6-8. So I clicked continue.

It then took me to a page asking about my "Personal Item Sales."
Since I did not sell ALL items at a loss, I choose the bullet that said “I sold some items at a loss or had no gain”
I then entered the value for the total proceeds sold at a loss or had no gain, which was the same value as noted above as the “non-reportable value.”
I hit continue and it showed me the 1099-K summary for ebay, with my name listed, it said "related to sale of personal items", and the total that matches box 1a of my 1099-k form.
I clicked done.

I then went to the newly added 1099-B section under wages and income to add the individual transactions.
I input all 9 transactions, 8 were at a loss and 1 was a gain. For the items sold at a loss it reported that it would “record this sale with a zero loss” after each entry.
I hit continue.
The 1099-B section under wages and income then showed a $132.57 gain for eBay which aligns with the one sale that was a gain.
At this point I am noting that the form is back to being listed as a 1099-B in this section again. (it has gone back and forth between a 1099-B and 1099-K over the last few days)

I went through all of the areas of my return – start to finish- to ensure that deleting and then adding back this information didn’t create any issues with the other details in my return then I started the federal review. It said I had 10 items that needed attention.

The last entry shows a question that indicates that there's an  “Incorrectly reported amount on Form 1099-K” and “Payments for personal property sold at a loss” exceeded the gross amount. It showed a screen grab of the form and it looked like I had to change the 2a value to the amount of my “gains” whereas it was currently reporting the value I input when the new field opened in the above step ( so maybe it should say to include the value that SHOULD be included? then again who can be sure what is correct with these instructions).  It seemed to fix this issue, however, once I updated this, I got a new error where I once again am being told “link to Sch D worksheet links to the same copy of this worksheet as another form 1099k.

I only have one 1099-k form, there is only one listed in my wages section! I am at a loss here as it isn't even clear to me what I would even change in the forms they are showing. (screenshot below).   And it also giving me errors for every single one of my individual sale transactions again, but there is nothing to update when I go in to review them and all the data looks correct. t

Please let me know if any of the steps above were incorrect, i was trying to follow the prompts and I cannot advance. This is very frustrating. 

[DawnC]

In your first picture, you have a 1099-K for $1276, with no cents - you have the full amount of that form being subtracted on Line 8 of your Form 1040 - there should be nothing linked to that one.  You reported $133 as an adjustment to box 1 and the remaining amount of $1143 as items sold at a loss.   You do not need a 1099-B linked to that form; the full amount is being subtracted.    

In your 4th picture, Check this entry, the amount of that 1099-K says $1276.29, so it looks like you have 2 1099-K forms entered.    Before I suggest a next step, do a search for 1099-K, then use the Jump to 1099-K link in the results.   How many 1099-Ks do you see?   Is there one for 1276 even and another for 1276.29?     Also check Schedule 1, Line 8, do you see an amount subtracted?  How much?  

Preview my 1040 - you can find Schedule 1 underneath the 1040.  

[sohayda]

Hi Dawn, thank you.

In the first picture of my last post it shows no cents because the tax software seems to have rounded it down. I have never entered my 1099-k as $1276 and only ever entered it as the full value of $1276.29
I did; however, adjust line 2a to $133 (also rounded, but this time up) when I received the first error during the review (instead of listing $132.57 my ACTUAL gain) so that the value would total correctly as the software filled in line 2b as $1143 (another rounded value as I had input $1,143.72 so not sure why it rounded down).

Again, I never rounded anything when entering my 1099-k form. To recap, my ebay sales were $1276.29, my gains were $132.57 and my non-reportable personal sales are $1,143.72. When I entered the info into the software I entered the full 1099-k value $1276.29. The software misdirected me to list the non-reportable personal sales as $1,143.72 when it opened up the secondary field and asked me to list the amount that SHOULDN’T be included from box 1a of my 1099-k and then I also reported $1,143.72 when it asked the total proceeds sold at a loss or had no gain. This seemed to result in the 1099-K reconciliation section showing a value of $1143 in field 2a and 2b and that is what produced that first error. I was asked to manually adjust field 2a so I amended that to say $133 at that time. That is when I got the second error suggesting that I had two 1099-k forms.

I entered the details of my 1099-k exactly as they are listed on the form when I was following the steps of the software.

The software then created the 1099-B so I could input the purchase details and I am not clear what needs to be linked where, I would think the software I paid EXTRA money to get access to this form would be able to do that.

In the fourth picture of my last post it says that my 1099-k value is $1276.29 because that is the value on my 1099-k that I entered. I do not have two. I did the search like you suggested, jumped to the section and below is a screenshot of my 1099-k. As you can see there is only one. It is for $1272.29 to ebay. There is none listed for $1276.

Schedule 1 line 8 of the 1040 preview shows no value. (screen shot attached)

[fanfare]

@sohayda 

the Turbotax support for 1099-K seems troublesome.

the simplest way to do this (and the way recommended by IRS) is:

enter 1099-K value on Schedule 1 line 8z

enter 1099-K value - <amount of gain on personal items> on Schedule 1 line 24z

on both lines, Description is : "Form(s) 1099-K personal items sold at a loss."

OR

if you want to use Form 8949 you can do that directly treating it as a stock, and not using the 1099-K feature.

Enter a consolidated line on Form 8949 Use Box C or F since you don't have a 1099-B

Loss on Personal Items is not deductible so you have to enter an adjustment to cancel the loss,
the adjustment is in Col g. the adjustment code (Col f) is "L"

description: "1099-K personal items "

enter another consolidated line for items sold at a gain.

Gain on Personal Items is a taxable gain.

you can also adjust for expenses of sale. adjustment code is "E" or "LE".

The proceeds subtotals should add up to your 1099-K

[sohayda]

Thanks.  unfortunately I don’t know how to do this using the software I am using to complete the rest of my return. And that I’ve already been charged extra money for to get forms specifically to file the 1099k portion for. Which is crappy :(

[fanfare]

sum the cost and proceeds for your items at a loss.

sum the cost and proceeds for your item(s) at a gain.

you should make two entries, not nine.

the sum of proceeds should match your 1099-K document.

@sohayda 

[sohayda]

The 1099k form lists 9 transactions throughout the year  and it requests that I put in the date I acquired the items which are all different dates too so how can I consolidate them? 

[sohayda]

hi @DawnC  did you have a chance to review my response. Thank you.

[TMGK]

It's a circular error - it says you must proceeds, you enter that, then it says you can't have proceeds. Then you can't have losses, then you can't have gains.  I cannot file because the software says I am in error.... bloody annoying.  Supposedly they are working on a fix - so, they got two weeks to get it done