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posted Apr 7, 2025 10:09:07 PM

Turbotax says 1099K form needs review, but does not indicate what is wrong.

Hello:

 

I am working strictly  with the online Web browser version of Turbotax. I have a rental that i received a 1099K form for for 3rd party payment/transactions to track the income. I have input all fields that TT has asked for; however when I go to do the Review step, TT flags the 1099K and indicates it needs review. However it DOES NOT indicate what is wrong so I can fix it. I have input everything on my 1099K form verbatim, multiple times. I have even tried to delete the original form and create another form, but I still get the same issue.  TT asks for the following information only:

Filer, TIN, Boxes 1a, 4, 6, 7, 8. 

 

I input all those fields in as shown on my 1099K. Box 7, which is the State ID number, is blank on my 1099K, which i believe is because the Filer does not have a state ID# in my state (NJ). The state name is in Box 6, and the state income tax held is $0. In trying to see if that that I've tried leaving boxes 6-8 blank, as well as inputting zeros in the state ID field to see if that would clear the issue.  I am currently at a loss as to how to proceed with this as it is the only thing preventing me from completing my taxes. I dont remember this being an issue last year.  Ive even added the Filer and Payee information, but have the same result. I feel like this is may be a bug and am disappointed that TT does not indicate which entry I should be reviewing if it has already determined something needs to be checked.


Can someone please help, as I do need to get my taxes done before the deadline, and this is the last thing i have to go thru. Thank you for your input.

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1 Replies
Expert Alumni
Apr 8, 2025 6:24:13 AM

You are entering an IRS form 1099-K income which reports rental property income into your rental activity on IRS Schedule E Supplemental Income and Loss.

 

Is the income posted outside of the rental property activity and directed towards the rental property activity?  I would enter the form from within the rental property activity.

 

In TurboTax Premium Online, follow these steps:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & income.
  • Click to the right of Rentals, Royalties, and Farm.
  • Click to the right of Rental Properties and Royalties.
  • At the screen Your 2024 rentals and royalties summary, click the pencil icon.
  • At the screen Here's rental property info, select Add income to report rental income.
  • If you select Form 1099-K and have the same issues, remove this entry and report the same income using the selection Cash, check, and electronic payments.