Why does my 1099K keep telling me it needs review. All information is entered. I have reviewed numerous times

[kjomack]

All goods sold were personal through Ebay, all at a loss.

[DianeW777]

If all goods were sold at a loss and you want to report the income because you received the Form 1099-K, you can delete that and then enter your personal items sold using the steps below. Since you are not allowed to take a loss against other taxable income due to the sale of personal use items, then you can enter a cost the same as the sales price (income on Form 1099-K). This will report it and remove the 'needs review'.

You'll need to delete this form --------------------. 

• If you're using TurboTax Online software and need to delete a form, click here.
• If you're using TurboTax Desktop software and need to delete a form, click here.

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

1. Open or continue your return. 
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other > Select Other and say 'no to 1099-B'
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

It's most important for you to keep exact records of each item sold, as well as dates of sale should the IRS every want to request a review.

[kjomack]

It says I must upgrade to Premium to report my 1099 K from Ebay.  Is that correct?

[kjomack]

Also I do not see a section titled Investment Sales.  There is only Interest, Dividends, stocks bonds mutual funds, CrytoCurrency and Other

[KrisD15]

Yes, that is the section you want. 

That is the Investment section.

Once a Form 1099-K is entered AND IF you selected "All Items were sold at a loss or had no gain" (which is your case from what you posted, that everything you sold was sold at a loss) there would be no additional steps for you to take in the TurboTax program. 

ONLY if at least one item sold for profit would there be a place generated for you to continue and report that gain.

If you have a 1099-K and the amount reported on the 1099-K is only for things you sold on E-bay and no any one sale resulted in a profit, the Form 1099-K need not even be entered into the TurboTax program, no income will be reported. The program won't do anything with it if it is not reporting taxable income.

TurboTax uses the 1099-K to report any taxable income you may need to report. There is no one spot for Form 1099-K on the tax return (1040) yet. It is a new form and it is used to report many different things. I assume the form will be updated to reflect just what type of income it is reporting, but right now it's more of a tool to calculate income that needs to be reported in a different place on the tax return. Your Form 1099-K is not reporting taxable income. Keep a copy with your tax file and maybe a list of the things you sold, but you don't have to report form 1099-K since there was no profit. 

1099-K link 

[jaleb]

This is NOT correct TT:   Per the IRS website, all income reported on a 1099-K must be reported:

"No matter the amount of reported payments, if you receive payments for selling goods or services, you must report all income on your tax return."

AND:

Personal items sold at a loss

A loss on the sale of a personal item can't be deducted from your taxes. But you can zero out the reported gross income so you don't pay taxes on it.

If you sold items at a loss, which means you sold the items for less than you paid, there is no tax liability. You have 2 options to report the loss:

• Report the payment on your tax return at the top of Schedule 1 (Form 1040) PDF. This will ensure you don’t pay taxes you don't owe; or
• Report the loss on Form 8949, Sales and Other Dispositions of Capital Assets, which carries to Schedule D, Capital Gains and Losses.

This is dangerous telling folks that they do not have to enter the form.   That is simple untrue.   

[cdbmkenirsk11]

I have the same problem and this thread hasn't helped - - other than the helpful person who pointed out that simply failing to report the 1099k is dangerous

[cdbmkenirsk11]

Here is how I got the annoying NEEDS REVIEW message to go away. It's silly but it seems to have worked.

1. eBay income is $7000

2. Instead of "I sold all items at a loss" I selected "I sold some items at a loss"

3. Turbotax asked "What amount of sales were at a loss" and pre-filled the answer as $7000 (!)

4. I accepted that answer of $7000

[meg0923]

Any other ideas to try? I've tried a million different things and cant get it to work. 

[KrisD15]

Did you enter the 1099-K as reporting sales of personal items?

If yes, what was the total reported on Form 1099-K and how much of that is reporting items that did not sell at a profit? 

Did you enter any individual sales? 

[ejbelair]

This didn't work for me. I'm still stuck at NEEDS REVIEW.