Should the information that I enter from my 1099K Under "Income from Form 1099K" flow to "Investments and Savings"?

[toddhachmann]

I have entered my 1099K info and nothing is flowing through to the Investment and Saving info. I do not want to reenter

[ThomasM125]

I'm not sure what you mean by "Investments and Savings", but the income you enter from Form 1099-K can go to different places on your return, depending on which category you chose on the screen that says Which type of income is your 1099-K for? Investment income such as interest, dividends and capital gains are not reported on a Schedule 1099-K, they would be on a Form 1099-INT, 1099-DIV or 1099-B.  That income would appear on your Form 1040 on lines 2, 3, or 7.

For instance, hobby income would flow to Schedule 1, line "J". Personal items for sale at no gain would be listed at the top of Schedule 1 but the amount would not be listed as taxable on your tax return. Real estate rentals would appear on Schedule E., self-employment income on Schedule C, Farm income on Schedule F, farm rentals on Schedule E.

If you could clarify which option you chose we can help you better.

To view your form 1040 and schedule 1 to 3:

1. Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
2. Choose Tools
3. Choose View Tax Summary
4. See the Preview my 1040 option in the left menu bar and click on it
5. Choose the Back option in the left menu bar when you are done 

[toddhachmann]

It is the sale of personal items, in which no gains were recognized.  I enter the information under "Income from Form 1099-K" and notate it is the sale of Personal Items.  On the next screen I enter the information from the 1099 - K and on the third screen I checkbox, that all items were sold at a loss or no gain.  I understand you can not recognize a loss on the sale of a personal item.  From there, I clicked on "Learn More" and below are the steps outlined from that section.

2) On the "Your 1099-K Summary screen, select "Done"  I did this

3) On the "Your Income and expenses screen, select "Start or "Edit/Add" next to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto.

4) On Your Investments and Savings Summary screen you'll see a line item for your 1099-K income.  Select Edit or Review and enter the information. . .

The 1099-K information is not flowing through to this screen as outlined in the help bar.  I am not sure how to include this, without including the 1099-K information twice.

[KrisD15]

If there were no sales that had a profit, the steps to enter the 1099-K ends after selecting "All items sold at a loss or no gain".

Select Done and you are done. 

[toddhachmann]

I proceeded, with just marking Done after notating "All items were sold at a loss or no gain"  and continued on. When I completed the Federal Reserve Check, it caught to areas for review, one was the 1099-K information that was entered and that the recognized revenue from that 1099-K had to be allocated to one of the following forms Schedule C, D, E, F or Form 4835.  As the items were personal items held longer then 1 year, the would need to be entered under Schedule D for long term capital gains, in actuality a breakeven, since you can not take a loss on personal items.  My snipping tool will not allow me to show the screen.  

[PatriciaV]

You can avoid this Smart Check message by editing your entries for Form 1099-K.

On the page "Let's get the info from your 1099-K," enter the same amount from Box 1a under the statement "This amount from box 1a is too high or includes some personal transactions."

This entry will zero out the 1099-K (no gain or loss), which is the expected result for the sale of personal items at a loss. No entry needs to be carried over to the investments section for additional input.

The instructions in the Learn More link appear to be incomplete. We will forward this experience to our team for further investigation.

[toddhachmann]

Per the last solution, the help sections states that I should request an updated 1099K from the filer, if the amount is different. I am also concerned, that I received 3 completely different answers from the same question. 

 It appears to be a system issue. I noticed if you check mark "All items sold for a loss or no gain" on the last screen for the 1099K input, TurboTax does not fill in the "Related" column in the summary section to recognize the items sold were personal items. Because of this, I don't believe the Software knows where to allocate the information.   I still need guidance on a solution without just "pushing" the information through with three different solutions. 

[AmyC]

I have read the thread from the beginning. We are all trying to get your form reported in the right place with the right income. Each answer of yours helps.

The first expert gave the most common example and asked for clarity. He also explained where the different parts should land. The second expert had you enter the 1099-K and call it done. Which should be the case, oddly,  you need to connect to the sch D even though there is no taxable entry. The 3rd expert did offer a work around. It sounds simple to connect to the sch D, show the income and loss, zero out, no problem. Any income would go to Sch 1 as @ThomasM125 stated.

I entered a 1099-K, selected personal items sold. I sold at a loss or no gain, done. I passed the federal review. I have checked my Sch D, form 4797, and Sch 1, the 1099-K is not showing. I am using the desktop version and the answer given by @KrisD15 works for me. If your program wants you to connect to Sch D, go ahead, there is nothing taxable. The other form choices you mention are not correct for your situation. My 1099-K summary does show the details.

A full or corrupted cache can cause problems in TurboTax, sometimes you need to clear your cache (that is, remove these temporary files).

Online version:

1. Delete the form 1099-K, see How to Delete  
2. Log out of your return and try one or more of the following:
   • Don't use Internet Explorer.
   • Clear cache and cookies,
   • Sign in using a different browser.
   • Sign in using a different device.
3. Log back into your return.
   • Enter the information again.

Desktop version: 

1. Delete the form
2. Save your return while closing the program.
3. Update the program
4. Open
5. Enter the information again

See How do I enter a 1099-K for personal item sales? & Understanding Your Form 1099-K