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LR14
Level 1

Smart Check Error Form 1099B Worksheet

I seriously need help.  I spent 10 hours trying to figure out my 1099K & 1099B worksheet giving me a smart check error.  I even tried to e-file with the error still there, but can't.  Here are my numbers & where I put them.  1099 K Personal Item Sales $8327.44 in Box 1A (This is the total listed on the 1099k) In the box that states Enter the amount that shouldn't be included. I entered $6572.99.  On the next page, I entered sold items at a loss $183.72.  Under the investment income section I entered all 256 items separately.  That shows a capital gain of $1754.45 (the difference between the above 2 numbers).  When I run the smart check I'm receiving an error on the Form 1099B worksheet for the 1099K reconciliation with the figure of $1570.73 (which is the difference of my capital gain minus the losses).  I have entered the figures in so many different variations & continue to receive the same error.  I know the figure on the 1099K is not my true income because this figure includes the shipping cost that the buyer's paid for the 256 packages I mailed out in addition to my costs for the items which I broke down on the investment income page.  Please help.  

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1 Reply
JamesG1
Expert Alumni

Smart Check Error Form 1099B Worksheet

The posting of IRS form 1099-K for personal item sales is a two-step process.  

 

  • First, you post the IRS form 1099-K amount of box 1a.  In your case, the amount in box 1a is too high or includes some personal transactions reduces this number.  
  • Second, you post the IRS form 1099-B Proceeds  From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.

Make sure that the amount reported on the IRS form 1099-K box 1a (less the box 1a which is too high) equals the Proceeds reported for the multiple entries of IRS form 1099-B.

 

If you are reporting dollars and cents and not rounding off, these numbers will have to balance to the penny.

 

I am unclear on the reference to shipping costs.  Are you saying that the amount reported on the IRS form 1099-B should be higher?

 

 

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