How to report 1099k when items were personal items that are sold at a loss when added up

[leland-king]

So how do I claim enough to offset my income? Is the w-2 messing everything up?

[Vanessa A]

When you select ALL items were sold at a loss or had no gain, the income on the 1099-K is then offset fully. It is reported on Schedule 1 at the top as income from a 1099-K that was for personal items sold at a loss. 

Your W-2 has no affect on the income from the 1099-K.  

[leland-king]

@Vanessa A what are you suggesting i do? what is that 1040 form ?

[Vanessa A]

I am suggesting that you follow the steps above as DaveF1006 posted to enter your 1099-K.  There is nothing else you need to do after you follow those steps.  TurboTax will properly report the 1099-K but you will not be taxed on it. 

[leland-king]

i did what dave told me to do and got this messaGE

[Vanessa A]

Was your 1099-k for $74k?  It sounds like something is entered in the wrong spot or you have some type of other loss you entered.  The steps above keeps the income from being included in the calculations. 

Schedule 1 line 9 is Total Other Income.  You would have something entered as a negative number without income to offset it.  

Are you using the online version?

Go back to the income summary screen and see where all you have income entered?  

 

[leland-king]

I AM using turbotax deluxe online. the forms you are posting im not seeing. yes my 1099k is for 74k  i dont even have the option to add anything bc i cant see a schedule 1 line 9

here is my income summary screen

@Vanessa A 

[leland-king]

when i click "Federal Review" i get this 

i hit the Review button and get this 

what does it want me to review?>! @Vanessa A 

[Vanessa A]

If you are using the online version you would not be able to see the forms while you are preparing your return until you pay.  Then you would see them via print center.

The income from the 1099-K, select Edit then go back through and be sure the first answer says  PERONSAL ITEM SALES, then on the next screen it should be the 1099k info, after that be sure you select ALL items were sold at a loss.  If this doesn't work and you have all of that answered that way, delete the 1099-K and then log out of TurboTax and clear your cache and cookies, then log back in and re-enter the 1099-K.  
 

It appears as though something isn't linked or you have 2 separate entries doubling the deduction.  This would be why you have the negative.  We need to figure out where the second negative amount is coming from.

 I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:

TurboTax Online:

1. Sign into your online account.
2. Locate the Tax Tools on the left-hand side of the screen.
3. A drop-down will appear. Select Tools
4. On the pop-up screen, click on “Share my file with agent.”
5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
6. Please provide the Token Number that was generated in the response.

[leland-king]

yes i have chose all items are sold at loss. 

my token number is 1299771

@Vanessa A 

[Mike9241]

on schedule 1, at the top, there's a place to report 1099-K proceeds for the sale of personal items and those sold at a loss enter through a line on the 1099-K

[leland-king]

why am i not allowed to edit my 1040 form? 

[leland-king]

@Vanessa A 

anyway we could speak somewhere a little more private? 

[Vanessa A]

The online version does not allow form access to edit.  This can only be done in the desktop/download version.  

However, looking at your return, your numbers are reporting in the correct spots.  Also, there are no errors flagged. 

Did you by any chance delete the form and re-enter prior to sending the diagnostic?  There is nothing at all on Schedule 1 line 9. If it is still showing on your screen as an error, then I would suggest either deleting and clearing cache and cookies OR using the download version of TurboTax.  If you did not already pay, you would just pay for the download version and then you can import your online return to the desktop so you do not have to start over.  You will also be able to see all the forms in your return. 

We do not have a way to do private chats here.  If you would like to speak privately with someone, you can click the help button at the top of your screen and speak to a live person privately.