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.