1099k Schedules 1, C and SE tax form

[FlaSteve]

Greetings !

I wandered around the forum months ago before I did more reading. I believe I have a grasp of the Ebay 1099k scenario. I have filed a 1040-SR for several years. This will be the first for submitting a 1099k, with this years upcoming filing. I am assuming the Turbo product I have used, will guide me as it has always, when adding the 1099k. I know that I will have to add the Schedule 1, C and SE tax. My only question is, will the product I have be able to file these, or will I have to "purchase" some sort of upgrade. So that I will try and avoid the "consult a tax professional" remark, I have been competent in using the online product for 7 years now. I have used it both when I was employed and in my retirement. I have simple incomes - SSA and a meager pension. The only fluff is the 1099k this time. My filings have always been easy. I want the addition of this 1099k to be as easy. I don't have any business expenses at hand, other than where I can take the ebay fees, shipping and state tax collected as adjustments against my gross "business" earnings. BTW THANKS Joe for the threshold change, and hiring 87k extra guys to come and knock our doors down....I vaguely remember the United Stats Constitution and "no taxation, without representation"...I digress... 

[VolvoGirl]

If you use the Online web version you will need the Self Employed version to fill,out Schedule C .  

If you buy and install the Desktop CD/Download program you can buy any version even Deluxe.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.  And there are many advantages in the Desktop program over the online version.

Start an Online return here,

https://turbotax.intuit.com/personal-taxes/online/

Buy the personal Desktop CD/Download programs here

https://turbotax.intuit.com/personal-taxes/cd-download/

 By the way, the IRS has delayed the 1099K reporting requirement to next year to file in 2024.  is this your first time with Schedule C for self employment income?  I can give you more info on it.

[FlaSteve]

Yes first (and last) for the Schedule C. As soon as I realized about the threshold change, I closed my ebay account Feb 2022.   It's hard to justify increasing a product price by 30% (15 for ebay and 15 for SE tax), for something I didn't do as livelihood. I am fine with filing it this year and getting it over with. It's all a matter of how I get the best price on what I need to do the job. I paid $39 to file last year. Just had to do ssa, pension, and bank int income. Easy. So, I guess it's whether the add on to what I use now, is cheaper than the download/cd you are suggesting for this years' filing, given the info I already have provided. If it gets expensive, I may go to live agent in town and see their price to do it with me live.

[FlaSteve]

I did more reading, pulled the notice IRS 2023-10, which is the modifier that the IRS used for the announcement of the delay. Understood and thanks.  The 1099k's will NOT be sent out by the 3rd party collectors, for the 2022 tax year. I only hope the same squeaky wheel that was temporarily greased, is made permanent by legislation. 

The American Rescue Plan, in all of its' deviance, amended section 6050W(e) of the IRS Code, which changed the threshold amount from 20k to 600 bucks. It was a direct strike to the heart of the small potato sellers. And another blatant attempt to kill the little guy, as if he hasn't done enough damage. I suspect there are a lot in Washington still backing the American people. after all WE are their bosses. 

Thanks for sending me to the internet so I could see the info !! No 1099K, no extra work for the 2022 1040SR for me.