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